The Hindu : Business : Marginal drop in rupee

Online edition of India's National Newspaper
Friday, Feb 09, 2007
ePaper


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Business

Business

Marginal drop in rupee

MUMBAI: After moving in a tight range, the rupee ended barely steady at 44.1250/1350 on Thursday against the U.S. currency on alternate bouts of buying and selling. In quiet trade at the interbank foreign exchange market, the local unit opened weak at 44.1350/1450 due to dollar buying by importers and some banks on behalf of oil refinery companies.

Later, it recovered sharply to a high of 44.07.

But the Indian currency fell back to a low of 44.14 on intervention of the Reserve Bank of India through state-run banks to protect the rupee's export competitiveness. It closed at 44.1250/1350 a dollar against 44.1200/1275 on Wednesday. — PTI

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