Date:12/11/2005 URL: http://www.thehindu.com/2005/11/12/stories/2005111207411500.htm

Business

Smart rally in rupee

MUMBAI: Overcoming early pressures, the rupee on Friday rallied smartly by nine paise to close at 45.68/69 a dollar, driven-up by strong exporter dollar sales and sustained foreign institutional investment inflows to extend the recovery-run to the second straight session.

In fairly active two-way trading at the interbank foreign exchange market, the rupee opened distinctly weak at 45.84/86 against Thursday's close of 45.77/78, but hit the day's peak of 45.66/67 on heavy exporter dollar sales, leading to unwinding of long positions by banks ahead of the weekend, dealers said. The rupee rallied by 3-1/2 paise on Thursday. — PTI