Thursday, Jan 22, 2004
Thursday, Jan 22, 2004 |
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MUMBAI, JAN. 21. Despite upbeat sentiment, weak dollar overseas and sharp early gains, the rupee barely managed to end in the positive terrain against the U.S. currency today, as a late round of heavy dollar short-covering contained its rise. In choppy two-way trading at the interbank foreign exchange the rupee closed at 45.40/41 a dollar, a notch higher from Tuesday's finish of 45.4050/4150 after hitting the day's peak of 45.36/37 in late morning deals. It opened at 45.41/42. Basking in the comfort of positive sentiment and a tumbling dollar against major global currencies, particularly the euro, the rupee touched the day's high of 45.36/37 in late morning deals. However, a fag-end bout of hectic all round dollar short-covering wiped out most of the gains. "Apprehensions of a slowdown in foreign fund inflows after the BSE Sensex plunged for the second consecutive day, led nervous operators rushing to cover their short-dollar positions at the closing hour and erased most of the rupee's sharp gains," a forex dealer said. "Moreover, many participants took advantage of a cheap dollar and covered part of their month-end requirements," he added. — PTI
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