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Rupee rallies
MUMBAI:
Overcoming intermittent pressures, the rupee rallied against the U.S. currency on Thursday on the back of resumption of FII inflows into the booming stock market amid a distinctly weak dollar overseas even as the outlook remains uncertain due to rising crude oil prices. In a fairly volatile trading at the interbank foreign exchange market, the rupee ended at 44.02/03 a dollar, a sharp 12 paise recovery from Wednesday's near nine month closing low of 44.14/15 following a positive start at 44.06/07 per dollar.
The rupee had depreciated by a whopping 45 paise in the earlier three consecutive sessions, pulled down by sustained hectic dollar demand from oil corporates following a spurt in global oil prices to over $70 a barrel.
The rupee hit low of 44.12/13 on dollar demand from offshore oil companies but made a sharp turnaround to 44.02/03 towards the close, they added.
The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 44.12 and the single european unit at Rs 54.38 — PTI
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