Date:02/09/2008 URL: http://www.thehindu.com/2008/09/02/stories/2008090257101700.htm

Business

Rupee surpasses 44-mark

MUMBAI: The Indian rupee on Monday closed above the psychological level of 44-mark against the dollar in over 17 months on sustained demand for the U.S. currency from oil refiners amid rise in crude prices in Asian trade.

The rupee closed at 44.18/19, cheaper by 26 paise, after resuming sharply lower at 44.20/23 a dollar with oil refiners stepping up their purchases. Forex dealers said a sharp recovery in dollar against other currencies in global market also weighed on the rupee value. Dollar supply is inadequate as there has been sustained demand here for the dollar amidst gains in the overseas market, they added. The rupee last touched this level on March 14, 2007, when it closed at 44.2450/2525 against the dollar. — PTI