Date:22/07/2006 URL: http://www.thehindu.com/2006/07/22/stories/2006072204491700.htm

Business

Rupee gains further

MUMBAI: The rupee overcame initial pressure and strengthened further on Friday to close at 46.76/77 a dollar on light exporter dollar sales amid retreating dollar overseas amid uncertain outlook due to high crude oil prices and a slowdown in foreign institutional investment inflows.

The rupee remained range-bound (46.75-46.85) before closing marginally higher at 46.76/77 following dollar purchases by banks alternated by sales by exporters.

Withstanding initial dollar demand from oil companies in anticipation of higher import payment in the light of high crude oil prices, the rupee later appreciated smartly on a slightly weak dollar in international markets, dealers said. — PTI