Date:10/08/2006 URL: http://www.thehindu.com/2006/08/10/stories/2006081007391700.htm

Business

Rupee moves up further

MUMBAI: Overcoming initial resistance, the rupee appreciated to 46.47/48 a dollar on fairly heavy dollar sales by banks amid a pause in the Federal Reserve's rate-tightening campaign.

In active trading at the interbank foreign exchange market on Wednesday, the rupee rallied to 46.42/46.43 at the fag end after being trapped in the 46.52-46.56 range. Forex dealers said banks built up long dollar positions in anticipation of demand from oil companies in the light of high global oil prices. — PTI