Date:09/10/2007 URL: http://www.thehindu.com/2007/10/09/stories/2007100962881800.htm

Business

Rupee ends higher

MUMBAI: The rupee on Monday ended at 39.45/46 against the U.S. currency, stronger by three paise from Friday’s close of 39.48/49, largely buoyed by strong capital inflows into equity markets.

In active trade at the interbank foreign exchange market, the local currency fluctuated in a range of 39.37 and 39.49 during the day after resuming firm at 39.41/43.

Crediting rupee’s early rally to a high of 39.37/38 to strong Asian markets, forex dealers said the rupee moved in tandem with the local equity market.

The rupee has been strong supported by unprecedented portfolio inflows since September 19.

There was some dollar selling from exporters but the state-owned banks absorbed the sales at the behest of the central bank, a forex dealer said. — PTI