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These babies were born at the stroke of midnight across the UAE as the country marked its National Day
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Indian rupee up, shrugs off intervention fears
MUMBAI — The Indian rupee climbed yesterday as traders shrugged off concerns about a renewed surge in central bank intervention to stem the local unit's gains, betting that strong capital inflows would push it higher.
After market hours on Wednesday, the Reserve Bank of India raised the ceiling on market stabilisation bonds (MSS) — used to absorb funds generated by its currency intervention — to Rs1.5 trillion ($37 billion) from Rs1.1 trillion.
At 9:55am (0425GMT), the rupee was at 40.43/44 per dollar, moving up from Wednesday's close of 40.5250/5350. It hit a nine-year high of 40.20 in late July.
"You don't buy a gun and shoot the first thing," said the chief dealer with a foreign bank. "The central bank is only getting the ammunition ready."
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