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Rupee ends higher against $

MUMBAI: The rupee ended at a nine-year high at 40.5100/5150 against the U.S. currency despite heavy dollar purchases by public sector banks, more likely on behalf of the Reserve Bank of India.

Resisting the RBI's suspected intervention, the rupee breached the 40.50 mark and hit 40.29 level, its highest since May 13, 1998, riding high on sizable foreign institutional investment inflows into the equity markets. The rupee later pared its gains owing to late dollar buying by banks.— PTI

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