India’s rupee rose, snapping two days of losses, on speculation the nation’s exporters are taking advantage of its recent decline to convert foreign-exchange earnings into the currency.
he partially convertible rupee rose in early deals on Wednesday on expectations that oil refiners may slow their dollar purchases after world prices retreated from their peaks.
* At 9:19 a.m., the rupee was at 42.88/89 per dollar, stronger than Tuesday’s close of 42.96/97. It hit a 13-month low of 43.21 last week.
* Oil, India’s biggest import, traded around $129 a barrel after hitting a record high of $135 last week. Refiners are the biggest buyers of dollars with their demand tending to peak towards the end of each month.
* Foreigners made net sales of almost $770 million of stocks over the five sessions to Monday, taking their net sales in 2008 to about $3.5 billion.
* Asian stocks fell on Wednesday as a cloudy U.S. economic outlook and lingering inflation fears left investors skittish, despite a drop in oil prices below $129 a barrel.
The rupee gained 0.2 percent to 42.87 versus the dollar as of 9:03 a.m. in Mumbai, according to data compiled by Bloomberg.
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