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The rupee strengthened to its highest in nearly a week on Wednesday boosted by hopes for inflows into the local sharemarket with a broad dollar drop versus majors also underpinning market sentiment.
* The dollar was broadly on the defensive on Wednesday while the euro and higher-yielding currencies extended impressive gains as investor risk appetite showed little sign of waning ahead of the year end.
* Almost all Asian units were higher against the dollar. For a snapshot see
* At 9:06 a.m. the partially convertible rupee was at 46.16/17 per dollar, after having opened at 46.14, its highest since Nov. 26. Rupee had closed at 46.31/32 on Tuesday.
* The unit has rebounded more than 12.7 percent from a record low of 52.2 in early March on foreign portfolio flows of $15.4 billion into Indian equities this year.
* At 0336 GMT, the MSCI index of Asian stocks ex-Japan was up 1.2 percent while the Nifty India stock futures traded in Singapore were 0.3 percent higher, both pointing to higher opening in the local stock market.
Don't expect the expected from Dibakar Banerjee.
A top Indian policy adviser on Wednesday said the Reserve Bank of India (RBI) sh...
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