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Rupee extends gains

MUMBAI DEC. 2. The rupee closed three-and-half paise stronger against the dollar at 45.69/70 today, maintaining its firm trend on the fourth straight session, amid robust trade and capital dollar inflows and muted intervention by the state-run banks at the interbank foreign exchange market.

Opening on a firm note at 45.69/71 a dollar, the rupee, however, stayed in a relatively narrow range between 45.69 and 45.73 during the session with state-run banks absorbing the excess supply in an apparent bid to check the local currency's appreciation, dealers said. The rupee closed at 45.69/70, three-and-half paise stronger than its Monday's close of 45.7250/7350, and gaining 23 paise in the last four sessions. Sentiment for the rupee remained bullish on the back of the rising stock markets,dealers said.

The Reserve Bank of India fixed the reference rate for the dollar at Rs. 45.71. — UNI

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