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Rupee edges up

MUMBAI: The rupee edged up to 39.41/42 against the greenback on Monday after moving in a narrow range on the last day of 2007 amid firm equity markets and month-end dollar demand from refiners. It closed at 39.4250/4350 on Friday last.

In quiet trading at the interbank foreign exchange market, the Indian unit fluctuated between 39.38 and 39.44 after resuming better at 39.39/41.

The rupee drew support from encouraging trend in some Asian markets as well as Indian bourses but dollar demand by oil corporates trimmed the rupee’s gains, forex dealers said. Oil companies were buying dollars to meet their month-end import payments, they added. — PTI

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