(Bloomberg) -- India's rupee advanced to a nine-year
high, breaking 40.50 to the dollar for the first time since May
1998, on speculation overseas investors will buy stocks of local
companies offering shares in the coming weeks.
The currency rose for a second day as global funds bought
$3.7 billion more of Indian stocks than they sold this year as of
May 24, surpassing $2.9 billion of purchases in the same period
last year, according to data compiled by Bloomberg. DLF Ltd., a
New Delhi-based real-estate developer, plans to sell as much as
$2.4 billion of shares through an initial public offer starting
June 11.
Read more at Bloomberg Currencies News
high, breaking 40.50 to the dollar for the first time since May
1998, on speculation overseas investors will buy stocks of local
companies offering shares in the coming weeks.
The currency rose for a second day as global funds bought
$3.7 billion more of Indian stocks than they sold this year as of
May 24, surpassing $2.9 billion of purchases in the same period
last year, according to data compiled by Bloomberg. DLF Ltd., a
New Delhi-based real-estate developer, plans to sell as much as
$2.4 billion of shares through an initial public offer starting
June 11.
Read more at Bloomberg Currencies News
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