 Online edition of India's National Newspaper Thursday, Jun 26, 2008 ePaper | Mobile/PDA Version |
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MUMBAI: The rupee gained 21 paise against the dollar at 42.7450/7550 on Wednesday after the Reserve Bank of India announced steps to constrain money supply on Tuesday. Foreign exchange dealers said the domestic unit was aided by marginal gains in stock markets as well which saw a strong intra-day bounce on renewed FII inflows, a key driver of the local currency. At the interbank foreign exchange (forex) market, the local currency resumed higher at 42.94/95 a dollar from its previous close of 42.96/97 and gradually moved upwards to the day’s high of 42.73.
The rupee premiums on forward dollar continued to move upwards and ended strong on continued paying pressure from banks. Dealers said RBI’s decision to stem inflation, which touched a 13-year high of over 11 per cent, triggered heavy dollar selling which had a favourable impact on the rupee. — PTI
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