Date:11/11/2008 URL: http://www.thehindu.com/2008/11/11/stories/2008111156201500.htm

Business

Rupee gains further

MUMBAI: The rupee gained 26 paise against the dollar and closed at 47.38/39 on Monday on fairly good capital inflows.

Dealers in foreign exchange market said the Indian unit drew support mainly from portfolio investments during last week.

Fresh demand for the domestic currency after the rate cuts by the central banks around the world also boosted the rupee .

The Reserve Bank of India’s decision on Friday last to provide foreign exchange liquidity to overseas branches and subsidiaries of Indian banks through forex swaps also helped the rupee to gain against the U.S..

The rupee opened at 47.48/50 a dollar against last Friday’s close of 47.6500. It moved in a range of 47.16 and 47.50. — PTI