Date:22/08/2007 URL: http://www.thehindu.com/2007/08/22/stories/2007082255381900.htm

Business

Rupee ends stronger

MUMBAI: The rupee gained 24 paise on Tuesday to close at 41.08/09 against the dollar as traders re-leveraged some of the yen-funded carry trades after a cut in key lending rate by the U.S. Federal Reserve on Friday.

In an active interbank foreign exchange market, the rupee breached 41 level in early trade and touched a high of 40.97 after resuming sharply higher at 41.12/14 from Friday’s close of 41.3250/3350.

The rupee later fell back to 41.27 level in the afternoon trade. — PTI