Tags:
Journalism of Courage
The Indian rupee rose to its highest in a month on Monday,tracking strong regional currencies and as foreign banks bought the local currency to arbitrage in the offshore non-deliverable forwards (NDF) market.
“Foreign banks are seen selling (dollars) as there is negative arbitrage in the one-month NDF,” said a trader with a private bank.
At 1:50 p.m.,the rupee was trading at 46.40/41 per dollar,after touching 46.39,its highest since Dec. 4.
The one-month rupee NDF was trading at 46.4350.
