Saturday, Jan 24, 2004
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MUMBAI, JAN. 23. Spurred by the overnight upgrading of the country's long-term foreign currency ratings by global agency Moody's, the rupee strode to a nearly 2-1/2-month peak against the U.S. currency today, as sentiment got a further boost on the back of prevailing firm undertone. In an upbeat interbank foreign exchange market, the rupee closed at 45.35/36 a dollar, yet another three paise gain from Thursday's close of 45.38/39, driven-up by fresh exporter dollar sales and unwinding of dollar positions by banks ahead of the long weekend. The forex market will remain closed on January 26 for Republic Day. The rupee opened on a firm footing at 45.36/37, buoyed by the good news on the external sector front. Moody's Investors Service yesterday raised India's long-term foreign currency ratings to an investment grade, citing rising foreign investments and economic growth. Earlier, global ratings agency Fitch upgraded the country's long-term foreign currency rating to BB+ from BB, on the back of strong external fundamentals.— PTI
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