Saturday, Apr 24, 2004
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MUMBAI, APRIL 23. Overcoming severe early pressures, the rupee rallied smartly against the U.S. currency today on the back of strong exporter dollar sales and offloading of huge overbought positions by banks ahead of a long holiday weekend. In choppy two-way trading at the interbank foreign exchange market, the rupee closed at 44.03/04 a dollar against the overnight closing of 44.13/15, following a smart turnaround from the early low of 44.22/24. It opened at 44.11/13. The domestic unit had depreciated by nearly 29 paise in the last four trading sessions this week, pulled down by sustained heavy dollar demand from corporates and importers amidst lingering fears of an acute cash dollar shortage. The forex market will remain closed on April 26 for the second phase of polling to the Lok Sabha. Strong resistance around $44.20, induced exporters to sell dollars, allowing the rupee to rally to 44.15/17, dealers said.
PTI
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