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Rupee gains further
MUMBAI,
JULY 17
. Extending the overnight rally, the rupee today strengthened against the U.S. currency, supported by healthy trade and capital inflows even as strong dollar demand from corporates and importers limited its gains in active trade at the interbank foreign exchange market.
Closing at 46.22/24 a dollar, another 4-1/2 paise gain from Monday's close of 46.2750/2850, the rupee hit high of 46.15/16 in afternoon deals, driven-up by robust dollar sales by foreign banks. However, late dollar demand from public sector banks, possibly for emerging month-end considerations limited gains to the minimum, dealers said.
The rupee opened on a steady note at 46.27/29 a dollar after an overnight five paise rally from multi-month low of 46.3250/3350 struck last Friday. Reserve Bank of India maintained the reference rate for the U.S currency at Rs. 46.27, but fixed the single European unit at 56.12. — PTI
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