Markets

Indian rupee at near 2-week high; dealers cite Unilever flows

Published July 1, 2013 Updated July 1, 2013 08:12am

1 min

By Shoaib Ur Rehman

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MUMBAI: The Indian rupee gained to a near two-week high on Monday, as worries temporarily eased after foreign investors turned buyers of domestic shares, while rumoured inflows from Unilever's open offer for its local unit also helped.

Several dealers cited flows related to Unilever's $5.4 billion open offer for its Indian unit, which started on June 21.

The rupee was also helped after India's BSE index gained 0.9 percent, buoyed by news foreign investors had bought shares worth a net 11.24 billion rupees ($189.15 million) on Friday, snapping a 13-day selling streak.

At 0724 GMT, the rupee was at 58.99/00 to the dollar, after gaining to as much 58.965 in trade, its highest since June 19. It closed at 59.385/395 on Friday.

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