The rupee climbed

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12 July 2007
The rupee climbed towards a nine-year high on Thursday, but suspected RBI intervention and dollar buying by oil refiners halted its ascent, traders said.

At 10:25 am (0455 GMT), the partially convertible rupee was at 40.36/37 per dollar - near a nine-year peak of 40.28 it hit in May. It closed on Wednesday at 40.40/41. "There was some decent (dollar) buying by state-run banks around 40.36 and it may be on behalf of the RBI.
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Can't wait to see at 35 level. Is it even possibale? when?

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