Re unlikely to appreciate further

Re unlikely to appreciate further

BS Reporters / New Delhi/Mumbai/B\'lore May 30, 2007

There seems to be a consensus among economists, bankers and companies that the rupee, which touched a new nine-year high of 40.28 to the dollar on Monday, is unlikely to appreciate much further.

If anything, the Indian currency, which has been rising incessantly as capital inflows have continued unabated and the Reserve Bank has refused to intervene, will decline a little after holding on to the current level for some time.

This belief will only be strengthened by Commerce Minister Kamal Nath