Wednesday, Nov 17, 2004
Wednesday, Nov 17, 2004 |
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MUMBAI, NOV. 16. The rupee today climbed to yet another over five-month closing peak of 45.07/08 a dollar, buoyed by strong trade and foreign fund inflows accumulated over the long holiday weekend even as late dollar demand contained gains after it breached the 45 a dollar level. In volatile two-way trading at the interbank foreign exchange market, the rupee gained eight paise from last Thursday's close of 45.15/46 following a firm opening quote of 45.06/08. It breached the 45 a dollar barrier in late morning deals and hit the day's peak of 44.98/45 on the back of bunched up dollar supplies collected over the long holiday weekend and a lingering weak dollar overseas, dealers said. Sliding global oil prices to below $46 a barrel also helped market sentiment, they added. Oil prices tumbled again on Monday, sliding to an eight-week low near $45 a barrel, as growing fuel stocks in the U.S. eased fears of a winter supply crunch. The forex market remained closed on November 12 for Diwali and on Monday, November 15 on account of Eid-ul-fitr. The Reserve Bank of India intervened through dollar purchases by state-run banksafter the rupee pierced through the 45 a dollar crucial level.
— PTI
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