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Spurt in rupee


MUMBAI, APRIL 7 . Spurting by a whopping 21 paise, the rupee scaled a fresh over 50-1/2-month closing at 43.53/54 a dollar today, propelled by robust trade and foreign capital investment inflows even as the central bank made a feeble attempt to contain its rise. In fairly volatile trade at the interbank foreign exchange market, the rupee opened on a positive note at 43.71/73 a dollar and surged to the day's high of 43.41/44 on the back of strong trade and foreign fund inflows, coupled with the renewed dollar weakness overseas.

Dollar demand from state-run banks, possibly on behalf of the Reserve Bank pulled the rupee down to 43.55/57, before settling at 43.53/54 at the close, a whisker away from 43.5225/5275 a dollar struck at the close of business on January 15, 2000, dealers said. The dollar slipped back against major European currencies on Tuesday, after having climbed to four-month highs against the euro and Swiss franc on Monday. Huge dollar inflows by foreign institutional investors, who applied in the recently concluded public offers was the main reason behind the unprecedented appreciation of the rupee, dealers said.

The rupee had last ended near the vicinity of today's close at 43.55/65 a dollar in hyper volatile trade on March 31 and had touched 57-month peaks of 43.30/32 in early deals on April 2, forcing central bank intervention to pull it down to 43.7350/7450 dollar at close.

— PTI

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