Date:01/01/2005 URL: http://www.thehindu.com/2005/01/01/stories/2005010104241500.htm

Business

Rupee spurts to five-year peak

MUMBAI, DEC. 31. The rupee today spurted to a nearly five-year closing peak of 43.45/47 a dollar, buoyed by robust foreign institutional investment inflows into a booming stock market amidst a sliding dollar overseas, as sentiment has turned distinctly bullish on the last day of the year for a fresh surge in 2005.

In active trading at the interbank foreign exchange market, the rupee gained a steep 27 paise from Thursday's close of 43.72/73 after hitting the day's peak of 43.43/44, minutes before the closing bell. It opened distinctly firm at 43.63/65.

Breaching key resistance levels, the rupee today soared to new multi-year highs on the back of sustained heavy FII inflows into the buoyant stock markets. The rupee has last ended at better levels on January 4 when it clocked a closing quote of 43.48/51.

— PTI