Date:01/08/2006 URL: http://www.thehindu.com/2006/08/01/stories/2006080104381500.htm

Business

Rupee rallies

MUMBAI: Absorbing residual month-end pressures, the rupee rallied smartly by 13 paise to close at 46.55/56 a dollar due to a distinctly weak dollar overseas amid sustained foreign institutional investment inflows with sentiment turning positive because of falling crude oil prices.

In moderately active two-way trading at the interbank foreign exchange market, the rupee resumed distinctly firm at 46.49/50 on the back of a retreating dollar overseas, but residual month-end dollar demand later wiped out part of the sharp early gains. The rupee declined by eight paise last Friday due to customary month-end dollar demand. — PTI