Rupee gains 6 paise against $

MUMBAI, DEC. 5. The rupee posted smart gains against the U.S. currency today on persistent dollar sales by banks in the absence of adequate follow-up demand from corporates and importers.

In fairly active trading at the inter-bank foreign exchange market, the rupee closed at 46.7550/7650 a dollar, a further six paise gain from Monday's finish of 46.8200/8250. The rupee opened at 46.81/82.

The Indian currency had appreciated by 3-1/2 paise yesterday after sentiment for the rupee improved following news of an easing in global oil prices. ``The rupee has breached the crucial 46.78 a dollar support level and is within striking distance of 46.70 mark.

Given the favourable sentiment on the oil front and improved forex reserves, the rupee should test 46.70 level tomorrow," a forex dealer said.

- PTI

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