Date:19/07/2008 URL: http://www.thehindu.com/2008/07/19/stories/2008071955261600.htm

Business

Rupee up by another five paise against $

MUMBAI: Extending its gains for the third day in a row, the rupee appreciated by another five paise on Friday at 42.76/77 against the greenback on the back of a smart rally in stock markets and falling crude rates.

At the interbank foreign exchange market, the rupee resumed higher at 42.67/70 a dollar against Thursday’s close of 42.81/82.

Crediting early rise in the rupee value to firm equity markets, forex dealers said sustained fall in global crude oil prices also boosted rupee sentiment. World crude oil prices, a key driver of the rupee, dropped further on worries over economic growth and slowing demand and were quoting just above $ 131 a barrel in Asian trade.

The rupee, later, fell back to settle the day at 42.76/77 a dollar, higher than overnight close by five paise. It touched a low of 42.87 during the day. . — PTI