Bank of New York Mellon Optimistic on Indian Rupee

        0827 GMT [Dow Jones] Indian rupee is likely to remain "stable to strong" this year as the economy continues to offer an attractive investment opportunity in the medium to long term, said Samarjit Shankar, managing director with The Bank of New York Mellon. "Barring any external risk, there is no reason why the (positive) sentiment should derail," he said. There were concerns over how the US Federal Reserve's rollback of easy monetary policy will affect emerging market currencies like the Indian Rupee, which were hammered when it was announced last year. The house expects the rupee to be around 57-58 rupees to a dollar by end-December. Indian rupee is trading at 60.15 rupees to a dollar in spot trade Friday compared to 60.31 at Wednesday's close. The markets were shut on Thursday. (nupur.acharya@wsj.com)
        (END) Dow Jones Newswires

        May 02, 2014 04:27 ET (08:27 GMT)