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Rupee appreciates further against dollar - final collapse of India's outsourcing industry?
Harish Baliga
May 23, 2007
This may be the end game of outsourcing industry that grew from India's artificial currency manipulation. Can India create domestic jobs to avoid depression?
Rupee appreciates further against dollar, is it the final collapse of India's outsourcing industry?
The rupee continued to resist the pressure from oil companies and appreciated marginally against the US currency in morning dealings on the back of fairly good FII inflows and the yuan factor.
In somewhat quiet trade at the inter-bank foreign exchange (forex) market, local currency resumed firm at 40.55/57 per dollar from overnight close of 40.60/61 a dollar but later was quoted at 40.58/59 a dollar in late morning deals.
The Reserve Bank of India was believed to be intervening indirectly to prevent any strong surge in the rupee, a forex dealer said.
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