Rupee ends higher

MUMBAI, JAN. 10. The rupee ended mildly higher against the U.S. currency today after late dollar demand from State-run banks wiped out the smart early gains in fairly active two-way trading at the inter-bank foreign exchange market.

The Indian unit closed at Rs. 46.6200/6250 a dollar, a notch higher from the overnight finish of 46.6250/6350 following an initial spurt to intra-day high of 46.58/59 on exporter dollar sales and unwinding long positions by banks. The rupee opened at 46.62/63.

Strong exporter dollar sales and heavy supplies from foreign institutional investors continued to prop up the rupee for the better part of the day and pushed it up to a peak of 46.58/59. However, dollar demand from state-owned banks later erased a major part of the rupee's gains, dealers said.

``Public sector banks were mopping up the excess dollars from the market at relatively lower levels," a forex dealer said.

- PTI

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