The Indian rupee backed away from 13-month lows on Friday as gains in Asian shares raise hopes of capital inflows to the market, with traders also saying the central bank could step in to check the currency’s fall.
* At 9:10 a.m. the partially convertible Indian rupee was at 42.87/88 per dollar, below 42.96/97 on Thursday and backing further away from an intraday trough of 43.21, its lowest since early April 2007.
* Asian stocks edged higher on Friday, helped by a slight dip in oil prices from record highs, and government bond yields climbed on fears of rising inflation.
* The central bank was seen selling dollars around the rupee’s lows on Thursday, dealers said, estimating its sold $100 million to $150 million. If so, it would be the first time the central bank had sold dollars since March, according to data.
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