Business

Rupee strengthens against $

MUMBAI FEB. 19. The rupee strengthened against the U.S. currency today, backed by strong foreign fund inflows, but ended off intraday high due to light dollar-demand from State-run banks.

In moderately active trading at the interbank foreign exchange market, the rupee closed at 48.6400/6450 a dollar, a two paise gain from Monday's finish of 48.6600/6650 after touching an intraday peak of 48.63/64, minutes before the final bell. It opened at 48.66/67. The domestic currency appreciated by a paisa yesterday.

Bunched up dollar supplies from Monday's President's Day holiday in the U.S. gave the rupee good underlying support, even as steady dollar demand from public sector banks capped rupee gains, dealers said. However, sentiment for the currency remained positive on hopes of continuing foreign investment inflows, they added.

``Barring initial hiccups when the rupee dipped to 48.6650/6750, good supplies of dollars from foreign funds and some export proceeds hit the market, rallying the rupee to a high of 48.63/64 in late afternoon deals. But, stray dollar demand from a large State-owned bank, pared part of the rupee gains at close,'' a dealer said. — PTI

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