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Uptrend halted in rupee
MUMBAI,
NOV. 18.
The rupee reacted sharply to close at 45.08/09 a dollar after the central bank once again intervened to buy dollars to halt the sustained sharp rise following the early 45 a dollar breach on the back of strong trade and foreign fund inflows.
Declining by four paise from the overnight 5-1/4-month closing high of 45.04/05, the rupee initially breached the 45 a dollar barrier and hit a new peak of 44.96/98, but timely intervention by the Reserve Bank of India through dollar purchases by state-run banks capped the rise.
The rupee stalled around 45.01/03, before corporate and importer dollar demand emerged in the afternoon and drove it down to 45.17/18.
— PTI
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