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Rupee gains further
MUMBAI,
NOV. 9.
The rupee today scaled a new five-month closing high of 45.1625/1725 a dollar on the back of strong foreign fund inflows, overcoming an early scare that threatened to impose a downward correction.
In moderately active trading at the interbank foreign exchange market, the rupee gained another 1-3/4 paisa from Monday's close of 45.18/19 after dipping to an early low of 45.23/25, dragged down by renewed dollar demand from banks and corporates. It opened at 45.16/19 and after the initial scare, again hit a peak of 45.09/10 around noon following good trade and foreign portfolio inflows reaching the market.
However, steady dollar demand from public sector banks partly arrested its steep climb and it ended with modest gains to ensure a continuation of its recent rally, dealers said. The outlook for the currency remained distinctly positive owing to persistent heavy foreign fund inflows, they added. — PTI
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