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Rupee closes lower

MUMBAI DEC. 31. Month-end pressures weakened the rupee considerably against the U.S. currency today, but it ended off the day's low due to robust corporate and trade inflows and aided largely by a continuous dollar slide overseas to finish 2002 on a cautiously optimistic note.

In fairly hectic two-way trading at the interbank foreign exchange market, the rupee closed at 47.97/98 a dollar, a sharp four paise decline from the previous finish of 47.9350/9400, which happened to be the year's high and a 15-month peak. It dipped to early intraday low of 48.0250/0350 but rallied to a high of 47.95/96 on strong exporter dollar sales and expatriate Indian remittances ahead of the year-end.

PTI

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