RTTN:Indian Rupee Climbs To 2-day High Against U.S. Dollar
The Indian rupee advanced against the U.S. dollar in late morning deals on Friday, as regional stocks advanced and comments from the RBI and Indian Finance Minister P Chidambaram helped to restore investor confidence.
Addressing press conference, Chidambaram said yesterday that there was no reason for excessive or unwarranted pessimism regarding the country's economic prospects. The minister said the rupee is 'undervalued' and has overshot the levels perceived as reasonable and appropriate.
Meanwhile, Chidambaram told Parliament today that the RBI's liquidity-tightening measures aimed at curbing speculation in the forex market would also have salutary impact of inflation moderation.
The rupee climbed to 2-day high of 63.205 against the greenback, up from record low of 65.5605 touched on Thursday. The rupee may seek next upside target around the 62.00 level.
