Forex Update

Fed Move Brings Rupee Near Its 9-Year High

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%.

Fed Rate Cut Affects Dollar’s Status

New York: The U.S.

Rupee At Its One-Week Low

Mumbai: The Indian currency dropped to a one-week low on Tuesday, weighed down by weaker Asian stock markets and oil prices that lingered near all-time highs.

Rupee Stable At Rs 40.45 Versus Dollar

The Indian Rupee remained firm against the US Dollar on Sep. 14, 2007.

Forex Reserves Climb $1.53 Bn To $230.377 Bn

Inflation Rate Falls To 3.5% From 3.79%

Mumbai: For the week ended September 1, inflation rate, which is based on the wholesale-price-index dangled to 3.5 per cent as compared to 3.79 per cent in the previous week.

In late January, annual inflation jumped to a more than two-year high of 6.69 per cent, but relented after the RBI stiffened plan and the administration slash duties on a slew of commodities in order to chill prices.

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