Rupee strengthens against dollar

MUMBAI, NOV. 19. The rupee strengthened against the U.S. currency today, supported by dollar supplies accumulated over the long Diwali holiday weekend, but light dollar demand from State-run banks prevented sharp gains.

In moderately active two-way trading at the interbank foreign exchange market, the rupee closed at 47.9425/9475 a dollar, a 2- 3/4 paise rise from last Thursday's finish of 47.9700/9750 after touching intraday high of 47.9375/9425. It opened on a strong footing at 47.9550/9650 following a long holiday weekend. The forex market remained closed last Friday on account of Diwali Bhau-Bij.

The rupee had gained by a whopping 8-1/2 paise last Thursday, backed by fairly good bunched-up dollar supplies from the earlier Diwali holiday.

Heaped up dollar supplies from exporters and foreign fund inflows collected over the long holiday weekend gave the rupee good underlying support.

- PTI

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Section  : Business
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