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Rupee improves further

MUMBAI: The rupee on Friday improved further to 40.3350/3450 against the U.S. currency on the back of smart a recovery in equity markets and lack of any intervention by the central bank.

In lacklustre trading at the interbank foreign exchange market, the Indian rupee opened higher at 40.35/36 a dollar against the overnight close of 40.4150/4250.

Later, it moved in a restricted range of 40.32 and 40.38 before concluding at 40.3350/3450, eight paise higher than the previous close.

A strong surge of nearly 153 points in the benchmark Sensex helped the rupee strengthen further against the U.S. currency.

Traders attributed the uptrend in rupee to a sharp rally in Indian bourses as well as Asian markets. Activity was dull but the Indian currency improved further mainly because of strong equity markets, forex dealers said.

Dollar demand from refiners was not forthcoming despite high crude oil prices, which hovered around $77 a barrel. — PTI

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