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Rupee gains 11 paise

MUMBAI: Rupee on Tuesday appreciated against the U.S. dollar and closed at a five-week high of 40.56/57 driven by expectations of strong capital inflows and weak dollar overseas.

The interbank foreign exchange market also witnessed exporters’ dollar selling at the current level in fairly active trading. The rupee moved in a range of 40.54 and 40.64 after resuming firm at 40.55/56 a dollar against Monday’s close of 40.67/68.

Traders expected heavy inflows through the forthcoming initial public offer by a government-owned Power Grid Corporation, which opened on September 10, forex dealers said. — PTI

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