India's rupee hits five-year high
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India's rupee hits a five-year high after Standard & Poor's raises the country's foreign currency rating.
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The yen briefly rose to a five-year high  against the dollar on Monday as investors bet next month's  meeting of Group of Seven industrialized nations would urge  Asian countries to let their currencies rise.
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Housing construction in August jumped to its highest level in five months, a dose of encouraging news for the economy's expansion.
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The pound struck a 26-year high point against the dollar on Tuesday on expectations of further interest-rate rises in Britain.
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Shares on India's main stock exchange shoot to a record high on signs that a dispute at leading conglomerate Reliance is coming to an end.
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The euro inched up to a 20-month high against the dollar and touched its highest level ever versus the yen on Monday, boosted by expectations that the European Central Bank will boost interest rates this week.
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India produced nearly 31 million mobile phones last year, at a value of about $5 billion.
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(InfoWorld) - Indiaâs outsourcing industry continues to do well despite theÂ appreciation of the Indian rupeeÂ against the U.S. dollar and higher staff costs. Indiaâs second largest outsourcer, Infosys Technologies, Wednesday revised slightly upwards its revenue forecast for its fiscal year to next March 31. The company said it expects revenue to grow by 29 to 31 percent during the year to between $4 billion and $4.05 billion. Infosys, of Bangalore,Â said in AprilÂ that it expected its revenue to grow by 28 to 30 percent to about $4 billion during the year. The company, which is listed both on Indian and U.S. stock exchanges, has however revised downward its revenue forecast in rupees, to take into account the appreciation of the rupee. Indiaâs software and services exports areÂ projected to growÂ by 26 to 29 percent to about $40 billion in the fiscal year to next March 31, India's National Association of Software and Service Companies (Nasscom) said this month. The countryâs revenue from exports of software and services and business process outsourcing (BPO) grew 33 percent to $31.3 billion in the fiscal year to last March 31, according to Nasscom in Delhi. The appreciation of the Indian rupee against the U.S. dollar pushes down rupee realizations for revenue earned abroad by Indian companies, even as staff costs in India are going up. The U.S. is the largest market for Indian outsourcers, accounting for about 66 percent of export revenue. Indian outsourcing companies seem to be holding out well against the pressures. Infosys of Bangalore has maintained its net margins despite the rupee appreciation, higher wages, and costs of visas to the U.S., the company said Wednesday, while announcing its results for the quarter ended June 30. iGate Global Solutions, a mid-size outsourcer in Bangalore, also said Wednesday that it had nearly doubled its operating margins in the quarter over the same quarter last year, despite a stronger rupee, on account of higher rates from customers, higher utilization, and increased use of offshore delivery of services. In the quarter ended June 30, Infosys posted revenue of $928 million up by 40.6 percent over the same quarter last year. The company's profits for the quarter were $263 million up by 51 percent from the same quarter last year. Infosysâ results are in compliance with US GAAP ( Generally Accepted Accounting Principles). The company added 35 new clients and 3,730 employees during the quarter taking the total number of employees as on June 30 to 75,971. Infosys plans to hire 26,000 more staff during the current fiscal year. Infosys and other Indian outsourcers compete with multinational services companies such as Accenture and IBM, which have set up offshore services delivery centers in India to take advantage of the lower cost of staff in the country. There is, however, enough business going around for both Indian and multinational companies, according to Indian outsourcers. The crunch comes in relation to hiring new staff. Wipro, Indiaâs third largest outsourcer will be announcing its results for the quarter next week.
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Inflation in the fast-growing Indian economy drops to a five-year low at the beginning of October, official figures show.
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The Bank of England (BoE) has kept its key interest rate at a five-year high of 5.00 percent, opting against a third rise during 2006.
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The euro hit a new record high of 1.3063 dollars, beating its previous record of 1.3047 set a day earlier.
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Canada&#39;s dollar gained for the fifth week in six, reaching the highest since January 1992, on speculation the central bank will lift its interest-rate target next month.
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India's central bank raises its main interest rate to a near four-year high in an attempt to curb inflation.
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The dollar hit a 5-Â½ month high against the yen on Monday as investors dumped the Japanese currency after it failed to hold on to gains following the BOJ tankan survey, which showed confidence at big manufacturers hitting a two-year high.
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The Bank of England held its key interest rate at 5.50 percent, the highest level for six years, the central bank announced on Thursday.
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European shares notched up a fresh  five-month high on Thursday, helped by miners as base metal  prices shot to multi-year peaks and by German utility giant  E.ON  on news of an asset sale in Norway.
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The euro set a record high against the  dollar for the fifth session running on Wednesday and tested  last year's lifetime high against the yen as investors' bearish  views of the U.S. currency dominated markets.