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Rupee edges up
MUMBAI:
Extending overnight gains, the rupee on Wednesday ended a notch higher at 43.7525/7575 a dollar, helped by steady expatriate remittances amid a sliding dollar overseas even as trading remained quiet and range-bound at the interbank foreign exchange market.
Edging up by a single paise from Tuesday's close of 43.7625/7725, the rupee was confined to a tight band of 43.7450 and 43.7650 in muted business following a firm start at 43.7450/7550.
The rupee gained six paise yesterday.
Despite a slowdown in foreign institutional investment inflows and a fresh rise in global oil prices, the rupee remained firmly entrenched against the U.S. currency due to steady NRI remittances and proceeds from external commercial borrowings of corporates, dealers said. A lingering weak dollar overseas due to a slowdown in the U.S. economic recovery also helped sentiments, they added.
— PTI
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