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BW Businessworld

Rupee Rises; Corporate Dollar Inflows Cited

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The rupee opened higher on corporate dollar inflows, with the pair at 62.28/29 versus its previous close of 62.50/51. Dealers speculate inflows relate to Mylan Inc's purchase of a unit of Strides Arcolab Ltd. The deal was valued at around $1.6 billion when announced in February.

"The deal-related flow has been hitting the market for the past few days," says dealer.

Month-end oil-related dollar demand will keep the pair bid.

Foreign funds were sellers of $54.27 million in Indian equities on 27 November, provisional data showed.

Asian currencies trading lower. See

The dollar wallowed at one-week lows against a basket of major currencies on Wednesday, undermined by lower Treasury yields after a batch of data failed to sway markets one way or the other over when the Federal Reserve will scale back stimulus.


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economy news 6 dollar rupee strides arcolab mylan inc