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Rupee gains 8 paise

MUMBAI, FEB. 22. The rupee today climbed to a nearly two-week closing high of 43.74/75 a dollar, driven by strong bunched up dollar supplies, even as heavy dollar demand from large oil corporates contained gains.

In fairly active trading at the interbank foreign exchange market, the rupee gained a sharp eight paise from Monday's close of 43.82/83 after hitting a peak of 43.67/69 struck in afternoon deals.

It opened distinctly firm at 43.74/76 due to a lingering weak dollar against major global currencies, mainly the euro. The rupee had last ended at better level of 43.7350/7450 on February 9.

Robust trade and foreign institutional investment inflows accumulated over yesterday's U.S. President's Day holiday gave the rupee firm underlying support despite heavy dollar demand from large offshore oil companies, dealers said.

World crude oil prices surged to $49 a barrel before settling at $48.90 in Asian trade due to concerns of a possible cut in production by the Organisation of Petroleum Exporting Countries. — PTI

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