Tuesday, Feb 22, 2005
Tuesday, Feb 22, 2005 |
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MUMBAI, FEB. 21. The rupee today rallied against the U.S. currency on steady trade and foreign fund inflows even as sporadic dollar demand from state-owned banks limited its gains in mostly quiet and range-bound trading at the interbank foreign exchange market. Halting a two-session decline, the rupee closed at 43.82/83 a dollar, a two paise recovery from last Friday's close of 43.84/85, but down from the high of 43.77/78 struck in intra-day deals. It opened on a positive note at 43.83/84. The rupee had lost nearly ten paise in two straight sessions late last week, pulled down by heavy dollar demand from public sector banks. Bunched up weekend dollar supplies gave the rupee firm underlying support, but small-lot dollar purchases by state-run banks at regular intervals contained sharp gains. However, the forex spot trading was dull and confined to tight bands due to lack of market-moving factors. The U.S. President's Day holiday also kept business subdued as there were no cash deals, dealers said. — PTI
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