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Rupee gains 14 paise
MUMBAI,
JULY 1.
Enthused by favourable sentiment following the overnight quarter percentage point hike in U.S. interest rates, the rupee today spurted against the American currency on hectic exporter dollar sales even as sporadic dollar demand from state-run banks partly limited its gains. In choppy two-way trading at the interbank foreign exchange market, the rupee closed at 45.90/92 a dollar, a steep 14 paise rise from Wednesday's close of 46.04/06 after hitting early intraday peak of 45.82/84 due to robust exporter dollar sales and offloading of long dollar positions by banks, dealers said.
Renewed weakness of the dollar against major global currencies, following the 25 basis point rise in U.S. interest rates to 1.25 per cent also boosted rupee sentiment, they added. The rupee opened distinctly firm at 45.94/06.
PTI
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