The Hindu : Business : Rupee recovers 3 paise against $

Online edition of India's National Newspaper
Friday, Nov 18, 2005

Business

Business

Rupee recovers 3 paise against $

MUMBAI: The rupee on Thursday rallied against the U.S. currency on fresh exporter dollar sales even as sharp early gains could not be maintained due to a resurgent dollar overseas that fuelled renewed demand from corporates and importers, discounting speculation of a `yuan' revaluation.

In choppy two-way trading at the interbank foreign exchange market, the rupee ended at 45.74/75 a dollar, a three paise recovery from Wednesday's close of 45.7700/7750, but a steep fall from the early high of 45.69/70 following market speculation of a revaluation of the Chinese currency yuan. It opened on a firm footing at 45.74/76. Overnight reports that U.S. President George Bush urged China to liberalise its currency and called for a ``level playing field'' for trade fanned market speculation of a possible Chinese currency revaluation, which drove the rupee to a peak of 45.69/70 in early deals.

The RBI fixed the reference rate for the U.S. currency at Rs. 45.77. — PTI

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