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Rupee ends lower

MUMBAI: The rupee ended a notch lower against the U.S. currency after a late round of hectic dollar short covering by banks wiped out sharp early gains in choppy two way trading at the interbank foreign exchange market even as the outlook remained positive.

Closing at 43.4750/4850 a dollar, a shade lower from Wednesday's finish of 43.47/48, the rupee tested an early peak of 43.42/43 on strong trade inflows amid renewed dollar weakness overseas. It opened on a firm note at 43.43/44. The U.S. currency fell to one week lows against the euro after recently spurting to over six-month high.

A late overnight rally gathered further steam and drove the rupee to a high of 43.42/43 on the back of renewed exporter dollar sales, in anticipation of fresh foreign fund inflows into the equity market. — PTI

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