Thursday, Sep 04, 2003
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In a fairly active trade at the interbank foreign exchange market, the rupee closed at 45.91/92 a dollar, a steep four paise fall from Tuesday's close of 45.8750/8800 a dollar after dipping to intraday lows of 45.93/94 a dollar.
It, however, opened on a firm note at 45.86/87 a dollar in anticipation of bunched up dollar supplies from Monday's Labour Day holiday in the U.S. The rupee lost two paise yesterday, driven down by dollar demand from offshore oil companies.
Despite steady dollar inflows from export proceeds and foreign institutional investments, the rupee came under renewed pressure due to fresh dollar demand from corporates and importers, dealers said. The dollar's rise against global currencies in overseas dealings also weighed on the rupee, they added.
The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 45.88 a dollar. PTI
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