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Rupee hits new high

MUMBAI: The rupee on Tuesday ended at a fresh nine-year high of 40.3725/3825 against the U.S. currency on sustained capital inflows into the country and in the absence of any dollar demand. The local currency had touched the 40.53-level on May 20 and the 39.85-mark on May 13, 1998.

In quiet trade at the inter-bank foreign exchange market, the rupee moved in a small range of 40.37 and 40.43 after resuming strong at 40.39/40 a dollar against Monday’s close of 40.42/43 a dollar. It continued to draw support from consistent and heavy foreign investment flow, which in turn, attracted traders to build positions in the local currency. — PTI

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