Date:30/06/2006 URL: http://www.thehindu.com/2006/06/30/stories/2006063004871500.htm

Business

Rupee rallies

MUMBAI: The rupee staged a smart pull-back rally and notched up sharp gains of nine and half paise to close at 46.28/29 a dollar on, propelled by strong exporter dollar sales and unwinding of long positions by banks.

Dispelling cautiousness ahead of the second day U.S. Fed's Open Market Committee (FOMC) meeting, expected to raise rates by a quarter percentage points to 5.25 per cent, the rupee bounced back sharply from an opening low of 46.38/41 a dollar to finish way ahead at 46.28/29 on the interbank foreign exchange market. — PTI