Friday, Apr 29, 2005
Friday, Apr 29, 2005 |
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MUMBAI: Overcoming possible month-end pressures, the rupee rallied mildly on Thursday against the U.S. currency on the back of steady trade inflows and expatriate remittances in mostly quiet trading at the interbank foreign exchange market. Closing at 43.7050/7150 a dollar, the rupee recovered one-and-half paisa from Wednesday's close of 43.72/73 following a positive start at 43.7150/7250. The rupee declined by five paise yesterday after scaling a five-week closing peak of 43.6700/6750 on Tuesday. The forex spot trading showed no reaction to the release of the annual monetary and credit policy by the Reserve Bank of India but rupee premiums on the forward dollar ended sharply higher on the 25 basis point increase in the reverse repo rate, dealers said. The RBI hiked the fixed reverse repo rate to 5 per cent under the liquidity adjustment facility with effect from Friday. — PTI
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