Rupee breaches 47 mark

MUMBAI JUNE 3. The rupee spurted against the U.S. currency today, breached the 47 a dollar barrier and peaked to 46.94/95 at the close, buoyed by robust trade and capital inflows amidst negligible demand for dollars from corporates and importers.

Halting a five-session string of losses that eroded the rupee value by nearly 25 paise, the Indian unit surged by a whopping 18 paise from Monday's close of 47.12/13 after opening on a firm footing at 47.09/10.

In volatile trading at the interbank foreign exchange market, the rupee showed a gaining streak from the onset of business today, backed by strong trade inflows in the absence of any significant dollar demand, dealers said. "It was mostly a dollar-seller's market with hardly any demand emanating from importers. Exporters heavily sold dollars and most of the banks that had gone long on the dollar in the past few days, liquidated positions, helping the rupee soar to fresh highs," a dealer said. "

— PTI

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