Mumbai: The rupee arose in the direction of a nine-year peak today after the US Federal Reserve slashed rates sending securities higher across Asia, but dollar buying by state-run banking institutions and a local company reduced a few gains.
The Fed cut on Tuesday the prime federal funds target rate by 50 basis to 4.75% from 5.25%. It also slashes the discount rate that it charges for direct loans to banks by a half-point to 5.25%.
Mumbai: The rupee beefed up past 40 per dollar today for the first time in 
