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Rupee rallies smartly

MUMBAI SEPT. 19. The rupee rallied smartly against the U.S. currency today on fresh exporter dollar sales and unwinding of long dollar positions by banks after the central bank allayed concerns over redemption pressures on the Resurgent India Bonds (RIBs). In fairly volatile trade at the interbank foreign exchange market, the rupee closed at 45.9350/9450 a dollar, a sharp 3-1/2 paise rise from Thursday's close of 45.97/98 after a firm opening of 45.91/93. Sentiment for the rupee turned for the better after the RBI late yesterday issued an update ahead of the redemption of the $5.5 billion RIBs.

PTI

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