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Mumbai: The rupee inched towards a nine-year high today, as dealers purchased the local unit on expectations for capitalists flows into the securities market, though worries about the fallout from the U.S. mortgage market restricted advancements.

At 9:45 a.m., the rupee stood at 40.69/70 a dollar, mounting from its previous close of 40.79/80. It beat a nine-year record of 40.20 in July.

New Delhi: Auto component maker Lucas-TVS will invest up to Rs. 400 crore by next two-three years in order to swell capability and product growth. It is also planning to establish new constructing units in Indonesia and Thailand.

Arvind Balaji, Lucas-TVS Vice- President, said, “We will invest up to Rs. 400 crore over the next two-three years in R&D, manufacturing and capacity building.”