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Rupee rallies against $

MUMBAI DEC. 30. Overcoming severe month-end and year-end pressures, the rupee rallied smartly against the U.S. currency, supported by a late round of heavy exporter dollar sales in fairly active two-way trading at the interbank foreign exchange market.

Closing at 45.56/57 a dollar, the rupee gained by eight paise from Monday's close of 45.64/65 and a sharp rebound from early lows of 45.71/72. It opened on a soft note at 45.6450/6550. The rupee was languishing around 45.71/72 in late morning deals, dragged down by allround heavy dollar demand from corporates and importers due to the usual month-end considerations. However, dollar supplies from exporters hit afternoon trading, leading to unwinding of long dollar positions by banks, which helped the rupee recover overnight and early losses and also post fresh gains, dealers said. The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 45.64 and for the single European unit at Rs. 57.02

PTI

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