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Rupee strengthens against $

MUMBAI, AUG. 23. Buoyed by the upward revision of the country's foreign and local currency rating outlook by Standard & Poor's, the rupee today strengthened further against the U.S. dollar even as late corporate dollar demand limited its gains ahead of a possible bank strike tomorrow. In fairly volatile trading at the interbank foreign exchange market, the rupee closed at 46.2650/2750 a dollar, a nearly six paise gain from last Thursday's close of 46.32/33, but off intra-day high of 46.22/24. It opened distinctly firm at 46.26/28 per dollar. The forex market remained closed last Friday on account of Parsi New Year. Already on an upbeat mood due to a slide in global oil prices, the rupee was firm from the onset of business on the back of bunched up dollar supplies accumulated over the long holiday weekend.

— PTI

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