Tuesday, Oct 26, 2004
Tuesday, Oct 26, 2004 |
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MUMBAI, OCT. 25. The rupee today surged to an over four-month closing peak of 45.64/65 a dollar on the back of robust trade and foreign portfolio investments inflows amidst the global weakness of the dollar even as world oil prices soared to new record highs. In fairly active trading at the interbank foreign exchange market, the rupee gained sharply by nine paise from last Friday's close of 45.73/74 after hitting an early high of 45.60/61. It opened distinctly firm at 45.63/65, reflecting the dollar's lingering weakness against major global rivals. Breaching key resistance levels on its way to over four-month peak, the rupee's next target would be 45.48/50 logged at close on June 17, a forex dealer said. In cross currency deals, the rupee declined sharply against the Euro and the British pound sterling, reflecting the dollar's weakness against these units in overseas markets.— PTI
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