29 May 07 Rupee touches new high ahead of DLF IPO

The Indian rupee touched a new nine year high against the US Dollar, anticipating huge foreign inflows into the country due to the DLF IPO and the ICICI Bank fund raising exercise. ICICI Bank will be raising 20,000 crores while the DLF IPO will raise about 10,000 crores. Hence there would be thousands of crores worth of US Dollars coming into the country, increasing the demand for the Indian rupee. The Indian rupee ended the day at 40.40 after touching a new nine year high.

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