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Rupee scales 8-month peak

MUMBAI OCT. 1. The rupee scaled over eight-month peak against the U.S. currency today, propelled by strong bunched-up dollar supplies accumulated over the long extended weekend, despite light dollar demand from State-run banks curbing its gains.

In moderately active two-way trading at the interbank foreign exchange market, the rupee closed at 48.3550/3650 a dollar, sharply higher from last Friday's finish of 48.3800/3850. It opened at 48.3650/3750.

There was no trading in the forex spot market yesterday because of banks' half-yearly closure of accounts. Heaped-up dollar supplies collected over the long extended weekend gave the rupee strong underlying support and drove it to new eight-month peak even as steady dollar demand from State-owned banks put a solid lid on the rupee's rise. — PTI

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