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16:54 2006/08/13
Rupee posts 3rd weekly gain on global fund buys
MUMBAI: The Indian rupee gained for a third week, its best run in more than three months, on optimism funds overseas stepped up purchases of local equities to benefit from higher corporate earnings.
The rupee rose to the highest in nearly four weeks on Thursday as figures showed that foreign funds this month have already bought two-thirds of the stocks they purchased in July. Improving company earnings helped India??™s gross domestic product grow 8.4% in the year ended March 31, the fastest pace after China among the world??™s 20 biggest economies.
???Interest of global funds in Indian stocks is deepening, which is why we are seeing sustained dollar flows,??™??™ said Pankaj Sharma, chief currency trader at state-owned Union Bank of India in Mumbai. ???That may help the rupee and we could see supply more than demand in the near term.??™??™
The rupee was at 46.52 against the dollar as of the 5pm close in Mumbai on Friday, a gain of 0.1% this week.
The last time the rupee climbed for three weeks was in the weeks ending May 5. Overseas investors bought net $197.6mn of Indian shares through Aug. 10, after purchasing $306mn in July. That amounts to $3.13bn this year, compared with a record $10.7bn in 2005. ??“ Bloomberg
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