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Rupee gains against dollar


MUMBAI, DEC. 20. The rupee today rallied against the U.S. currency, helped by bunched up weekend dollar supplies from foreign fund inflows and trade remittances, despite dollar demand from oil companies limiting its gains following a fresh rise in global oil prices.

In generally quiet but cautious trading at the interbank foreign exchange market, the rupee closed at 43.9200/9350 a dollar, a four paise gain from the weekend level of 43.96/98 after a distinctly firm opening of 43.88/90.

The rupee declined by seven paise last Friday following an 86 paise spurt in the previous four sessions, buoyed by unabated heavy FII inflows into the booming stock markets.

Heaped up dollar supplies from FII inflows and trade remittances pushed up the rupee to an early high of 43.85/86, but dollar demand from oil companies and importers pulled it down to 43.95/96, before settling at 43.9200/9350, a dealer said. World crude oil prices flared up to $46.06 a barrel in Asian trade due to winter supply fears..

PTI

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