Tuesday, Mar 09, 2004
Tuesday, Mar 09, 2004 |
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MUMBAI, MARCH 8. The rupee strode to a one-week high against the U.S. currency today, backed by strong bunched up trade and investment inflows, and reflecting the dollar's renewed global weakness in fairly active trade at the interbank foreign exchange market. Closing at 45.2400/2450 per dollar, the rupee gained nearly five paise from last Friday's close of 45.2875/2925 and was within striking distance of 45.23/24 logged at the close of business on March 1. It opened distinctly firm at 45.2600/2650, reflecting the dollar's slide against its major global rivals. The dollar fell sharply against most other currencies after a disappointing U.S. employment report Friday, but hit a five-month high against the yen on apparent heavy intervention by Japanese authorities. Heaped up dollar supplies from trade and investment inflows accumulated over the weekend, coupled with the dollar's renewed overseas weakness, drove the rupee high with sentiment remaining upbeat for further gains, dealers said. Persistent dollar inflows from companies that have raised loans overseas through the external commercial borrowing route also strengthened the rupee, they added.
— PTI
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