Rupee near record

The rupee climbed again today to reach its highest level in almost a decade as the benchmark stock index rose to a record, raising expectations global funds will buy more local equities. The rupee gained for the fourth successive day after Citigroup and Deutsche Bank said in research reports that the Bombay Stock Exchange's Sensitive Index, or Sensex, will add to gains for the seventh year in a row as a near-record pace of economic growth boosts company earnings. Prime Minister Manmohan Singh today said ``conditions are favorable'' for the nation to sustain a growth rate of between 9 percent and 10 percent in the next five years. The currency gained to 39.275 against the dollar at the 5 p.m. close in Mumbai, the highest since Feb. 26, 1998, according to data compiled by Bloomberg. It closed at 39.295 yesterday. The rupee, which last year posted the biggest annual gain since at least 1974, may reach 39 this month according to many observers.