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Rupee extends gains
MUMBAI,
DEC. 14.
Extending the sharp recovery-run to the second straight session, the rupee today gained another 14 paise against the U.S. currency, driven-up by sustained robust foreign portfolio investments and trade inflows amidst renewed dollar weakness overseas.
In choppy two-way trading at the interbank foreign exchange market the rupee closed at 44.11/12 a dollar, steeply higher from Monday's finish of 44.25/27 after gyrating between 44.0700 and 44.2400 on alternate bouts of dollar selling and buying. However, dollar sales far outstripped demand to promote an extended smart rupee rally, dealers said.
The rupee opened firm at 44.24/26 following an overnight sharp 50 paise recovery.
It had earlier declined by a steep 111 paise from the eight-month closing peak of 44.64/65 struck on December 6, pulled down by sustained heavy dollar demand from corporates and importers amidst a resurgent dollar last week.
Recovering a major part of previous week's losses, the rupee rallied by 64 paise in two consecutive sessions due to persistent heavy foreign institutional investment inflows and trade remittances. — PTI
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