Friday, Mar 26, 2004
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MUMBAI, MARCH 25. Warding off renewed corporate dollar demand and short-covering by importers, the Indian currency crept recorded a 44-month closing high of 44.73/74 a dollar on Thursday on the back of steady foreign fund inflows in choppy two-way trading at the interbank foreign exchange market. After hitting an early peak of 44.71/72 a dollar, the rupee tumbled to 44.77/78 a dollar in the afternoon, dragged down by fresh dollar demand from corporates and importers. However, dollar inflows from foreign institutional investors and other trade avenues helped the rupee rally smartly and equal a 44-month record close of 44.73/74 clocked on July 24, 2000, a dealer said. It closed at 44.7550 yesterday. The rupee gained by over 51 paise in the last five trading sessions and has appreciated by nearly 2 per cent in the current calendar year so far, following a sharp 5.32 per cent rise in 2003. Robust trade and foreign investment inflows continued to give the rupee firm underlying support, despite sporadic corporate and import dollar demand, dealers said.
PTI
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