The Hindu : Rupee ends higher against $

Online edition of India's National Newspaper
Saturday, Dec 14, 2002

Business

Business

Rupee ends higher against $

MUMBAI DEC. 13. The rupee ended slightly higher against the U.S. currency today, supported by a steady flow of dollars from exporters and inward remittances even as sporadic dollar demand from State-run banks limited its gains. In moderately active two-way trading at the interbank foreign exchange market, the rupee closed at 48.1725/1775 a dollar, a 1-3/4 paise rise from the previous finish of 48.1850/1950 after testing intraday high of 48.16/17. It opened at 48.1850/2000. Basking on the comfort of a sustained flow of dollars from export proceeds and NRI remittances, the rupee rose to the day's peak of 48.16/17, but intermittent dollar buying by State-owned banks contained the rupee's rise, a dealer said, adding "Positive sentiment should see it post further gains on Monday".

The rupee also retained a firm undertone because of the dollar's weakness against other major currencies, falling to over five month lows against the euro, bankers said. The rupee scaled the current calendar year peak on Tuesday at 48.1500/1550 on the back of persistent strong trade inflows. The Reserve Bank of India fixed the reference rate for the dollar at Rs. 48.18 and the single European unit at Rs. 49.04.

PTI

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