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Rupee gains nine paise

MUMBAI: The rupee on Wednesday rallied to a new high in over nine years at 40.45/46 against the dollar on expectations of robust foreign fund inflows in the near future and lack of intervention by the central bank.

The Indian unit had hit an intra-day high of 40.28 on May 28 this year and the previous high was at 39.85 a dollar recorded on May 13, 1998.

It gained nine paise on Wednesday over the previous close and garnered a total 55 paise in the last five straight sessions. — PTI

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