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Downward correction in rupee

MUMBAI NOV. 10. Despite healthy trade and portfolio investment inflows, the rupee underwent a downward correction against the U.S. currency today, following a late bout of heavy dollar short-covering by banks and reflecting the dollar's renewed strength against its major global rivals. In moderately active but cautious trading at the interbank foreign exchange market, the rupee closed at 45.2850/2950 a dollar, a 2-1/2 paise decline from last Friday's close of 45.26/27, which happened to be a one-month high.

It opened at 45.25/26 and hit the day's peak of 45.2350/2450 in early trading, backed by bunched up weekend dollar supplies.The RBI fixed the reference rate for the U.S. currency at Rs. 45.27 and for the single European unit at Rs. 52.17. — PTI

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