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Rupee extends rally
MUMBAI,
DEC. 21.
The rupee today gained another 12 paise against the U.S. currency, extending the overnight rally on the back of unabated strong foreign fund inflows into the booming stock markets, helped partly by trade and expatriate remittances ahead of the year-end.
In active trading at the interbank foreign exchange market, the rupee closed at 43.80/82 a dollar, sharply higher from Monday's finish of 43.9200/9350 after hitting an early peak of 43.76/77. It opened firm at 43.86/88, reflecting the dollar's renewed weakness against major global currencies.
Buoyancy in the local bourses that was driven mainly by foreign institutional investors buying spurred the smart rupee rally today even as dollar demand from state-run banks partly contained sharp gains.
The FII inflows were showing little signs of slowing down ahead of the Christmas holiday season.
Moreover, trade and expatriate remittances have increased before the yearend that has further helped the rupee rally, they added.
PTI
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