Markets

India rupee at over 5-week high; weak US jobs data aids

Published September 8, 2014 Updated September 8, 2014 04:33am

1 min

By Parvez Jabri

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MUMBAI: The Indian rupee strengthened to a more than five-week high on Monday, tracking broad overnight losses in the dollar versus major currencies following the weaker-than-anticipated US jobs data.

Gains in other Asian units versus the dollar also helped sentiment.

By 9:05 a.m. (0335 GMT), the partially convertible rupee was at 60.24/25 per dollar, its strongest since July 31 and above its close of 60.39/40 on Friday.

The dollar slipped on Friday after data showed US employers added the fewest jobs in eight months, eroding confidence in the economy and reviving bets that the Federal Reserve might leave interest rates near zero for longer than anticipated.

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