Date:17/06/2006 URL: http://www.thehindu.com/2006/06/17/stories/2006061708251700.htm

Business

Rupee shoots up

MUMBAI: The rupee on Friday closed sharply higher against the U.S. dollar at 45.84/85 a dollar on heavy dollar selling along with a steep rally in stock prices.

However, the rupee movement during the early part of trading was range-bound due to fresh dollar demand by oil PSUs after crude prices rose above the $70 a barrel level following a fresh Iran crisis, dealers said.

The Indian currency started on a strong footing at 45.92/93 against 45.98/99. Thereafter it shot up on heavy dollar sales and closed at 45.84/85, steeply higher than the previous close.

PTI