RTTN: Indian Rupee Strengthens To 4-day High Against Dollar
(RTTNews) - Friday, the Indian rupee that declined against the dollar in morning trading bounced back during afternoon deals in India. The pair moved from 48.5750 to 48.16 by about 6:50 am ET. This set a 4-day high for the rupee. If the Indian currency climbs further, it may likely target the 47.8 level. At yesterday's New York session close, the dollar-rupee pair was quoted at 48.5250.
India's Minister of State for External Affairs, Preneet Kaur, asserted that the country fared better than many other countries during the recent economic meltdown, though the crisis affected the country, with growth declining to 6.7% in 2008-09, reports PTI.
Addressing the UN Conference on World Financial and Economic Crisis at New York, she said that India effectively utilized its fiscal and monetary policy along with focus on fiscal stimulus in infrastructure investment.
