Date:15/11/2007 URL: http://www.thehindu.com/2007/11/15/stories/2007111561832000.htm

Business

Rupee closes higher

MUMBAI: The rupee appreciated by 11 paise on Wednesday and closed at 39.31/32 a dollar against 39.42/43 on Tuesday, snapping a three-day losing streak, driven higher by a strong surge in equity markets amid dollar purchases by banks.

In active trading at the interbank foreign exchange market, the rupee moved between 39.31 and 39.39 after resuming firm at 39.36/37. The rupee drew support from a fresh surge in equity markets.

Global equity markets too exhibited a firm trend. Asian indices ended up in a range of one per cent to five per cent. The rupee’s surge, however, was contained by suspected intervention by the Reserve Bank of India, when the Indian unit neared 39.30 level. State-owned banks were believed to have bought dollars heavily on behalf of the central bank. — PTI