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Rupee closes higher

MUMBAI: In sustained volatility, the rupee ended at 42.8350/8450 on Tuesday against the U.S. currency, seven paise higher from Monday's close of 42.9050/9200 on fresh dollar purchases by importers.

The PSU banks, however, were seen selling dollar to raise rupees to meet requirement for the new statutory reserve as result of a hike in the cash reserve ratio by the Central Bank. The interbank foreign exchange market remained volatile due to alternate bouts of buying and selling and moved in a range of 42.77 and 42.94 during the day. — PTI

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