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Strike hits forex trade
MUMBAI,
FEB. 24.
Bussiness activity was adversely affected at the interbank foreign exchange market today due to the day long nation-wide strike by officers and staff of banks, protesting against the Supreme Court order on strikes and demands for wage revision. In thin trading and negligible dealings, the rupee was confined to a narrow band of 45.2750 and 45.3050 a dollar, before settling at 45.2775/2825, slightly higher from Monday's finish of 45.2850/2950, dealers said. It opened at 45.29/30.
The rupee declined by nearly four paise yesterday, driven-down by heavy dollar demand from exporters and importers. lthough private sector and foreign banks functioned normally, most of the public sector banks that make up for the bulk of the daily dealings observed the strike and paralysed business, a forex dealer said.77. — PTI
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