Asia Bizz: The India Rupee has hit a new 3 week high and thanks to the firm surge in domestic and other Asian currencies, the Rupee was in a very good position. A further soar in the rupee was halted, after there were some dollar demands from national importers and this limited a massive gain.
During the afternoon trading session in India, the Rupee stood at 44.81/82 per dollar and was around touching 44.7950, highest since November 12th. There was some tremendous fall in the share markets a month back, as a result of which India lost it’s grip over the dollar. Last week, the Indian rupee had gained around 1.6% and it was the highest in almost 2 months.
The USD in America has started to find some strong ground, as it has been making itself concrete following the renewed quantitative easing in the market. The Euro, on the other hand, was suffered a strong set back after the Irish crisis came into the limelight. Most of the Asian currencies including the Rupee rose against the dollar and the Euro, which points out that Asia is still the most firm economic structure in the world.