The Hindu : Business : Rupee moves up further against $

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Friday, Oct 05, 2007
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Rupee moves up further against $

MUMBAI: The rupee ended at a new nine and half year high of 39.49/50 versus the greenback on Thursday against the close of 39.5750/5850 on Wednesday on the back of consistent portfolio inflows.

In continued volatile trading at the interbank foreign exchange market, the rupee resumed marginally lower at 39.58/60 a dollar and later fluctuated in a range of 39.3550 and 39.6350.

Earlier, the rupee ruled around these levels, when it closed at 39.65 on April 14, 1998 and at 39.40 a dollar on April 8, 1998.

Influenced by stock market activity, the rupee moved widely during the day even as the Reserve Bank of India made a feeble attempt to contain the rupee’s surge by making dollar purchases in favour of exporters, forex dealers said. Meanwhile, the RBI fixed the reference rate for the U.S. currency at 39.56 a dollar and for the single European unit at 55.76 a euro.

Rupee premium on forward dollar remained stable on alternate bouts of buying and selling. The rupee shot up against the British sterling to end at 80.35/37 against 80.74/76 and also moved up further against the single European currency at 55.73/75. — PTI

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