ET:Rupee keep gains; hovers near 2-month high on inflows
MUMBAI: Rupee held on to its gains in afternoon trade on Thursday, hovering around a two-month high, boosted by sustained foreign investor interest in Indian debt and shares.
Demand by oil companies tempered the gains, dealers said. * At 03:30 p.m. (1000 GMT), the rupee was at 50.34/35 to the dollar, after touching a high of 50.07, its highest since Nov. 14. It closed at 50.3750/3850 on Wednesday.
The rupee was helped by a firmer Indian stock market, which took heart from news that the International Monetary Fund was seeking to boost its resources to tackle the euro zone debt crisis.
Foreign institutional investors bought about $3 billion of Indian debt and moved $854 million into shares since the new year began, data from the market regulator showed on Wednesday.
