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Rupee at more than three-month high

Source : REUTERS
Last Updated: Wed, Feb 06, 2013 04:30 hrs
An employee counts currency notes at a cash counter inside a bank in Agartala

The rupee hit a three-and-half month high in early trades on expected NTPC inflows, say dealers. The pair at 52.96/97 versus 52.87 high and a close of 53.14/15 close on Tuesday.

The government expects to raise around $2.25 billion by selling a 9.5 percent stake in state power utility NTPC Ltd in a share auction on February 7.

Dealers estimate $300-$500 million of inflows due to NTPC share sale.

Gains in euro over previous India close also helping INR, dealers say.

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