Date:01/11/2008 URL: http://www.thehindu.com/2008/11/01/stories/2008110160691900.htm

Business

Rupee gains further

MUMBAI: The rupee gained further and closed at 49.47 a dollar on Friday. It closed at 49.68 on Wednesday.

The inter-bank foreign exchange market remained closed on Thursday on account of ‘Bhai Dooj’.

The rupee gained further on the back of a sharp rise in equity markets and expectations of fresh capital inflows after slashing of interest rates by the U.S. Federal Reserve.

In active trading at the interbank foreign exchange market, the rupee resumed strong at 49.45/47.

It moved between 49.52 and 49.29. Lack of dollar buying by oil refiners and importers also helped the rupee surge.

Global crude oil was quoting lower at nearly $64 a barrel in Asian trade on Friday. — PTI