Date:29/03/2006 URL: http://www.thehindu.com/2006/03/29/stories/2006032905461700.htm

Business

Rupee gains

MUMBAI: Overcoming severe month-end pressures, the rupee rallied smartly against the U.S. currency on Tuesday to close higher at 44.63/65 following strong foreign institutional investment inflows amid a rebounding dollar and arrested a five-session sharp slide. In a choppy two-way trading at the interbank foreign exchange market, the rupee gained three paise from Monday's close of 44.66/67 and made a sharp turnaround from early low of 44.74/75 a dollar.

The rupee had depreciated by over 21 paise in the last five straight trading sessions, pulled down by sustained hectic dollar buying by state-run banks. — PTI