Rupee edges up

MUMBAI, DEC. 6. A late bout of dollar short-covering by State- owned banks wiped out most of the sharp early gains of the rupee today and it ended mildly higher against the U.S. currency in moderately active two-way trading at the inter-bank foreign exchange market.

The Indian unit closed at Rs. 46.75/76 a dollar, a notch higher from Tuesday's finish of 46.7550/7650 after touching an early intra-day peak of 46.7150/7250 on a spillover of overnight dollar sales by banks. The rupee opened on a positive note at 46.74/75.

Dollar demand from State-run banks in the afternoon, partly cut- short the rupee's smart rally after it scaled an intra-day high of 46.7150/7250 in late morning deals due to unwinding of long dollar positions by banks.

- PTI

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