Online edition of India's National Newspaper
Saturday, Apr 21, 2007
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Online edition of India's National Newspaper Saturday, Apr 21, 2007 ePaper |
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MUMBAI: The rupee surged to a strong finish at 41.76/77 on Friday, higher by 31 paise over Thursday's close of 42.06/08, on renewed exporters' dollar selling and weaker greenback overseas amid heavy capital inflow. The interbank foreign exchange market witnessed brisk activity and rallied sharply after resuming higher at 42.02/04 and fluctuated in the range of 41.7350 and 42.0600. Fresh bout of dollar selling by exporters in the absence of any intervention by the central bank helped the rupee to bounce back after a four-day losing streak. Forex dealers said banks were heavily buying dollars in the forward market and attributed the rupee's surge to higher forward premiums. The rupee also drew support from exporters' dollar sales in the face of ample capital inflows into the country coupled with a strong rally in equity markets. — PTI
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