The Hindu : Rupee strengthens further

Online edition of India's National Newspaper
Wednesday, Dec 18, 2002

Business

Business

Rupee strengthens further

MUMBAI DEC. 17. The rupee edged up further against the U.S. currency today, ending at 48.1350/1400 a dollar, yet another closing high for the current calendar year, driven up by healthy trade inflows in an otherwise quiet and listless trading at the interbank foreign exchange market.

Gaining half paise from Monday's record finish of 48.1400/1450, the rupee touched early intraday high of 48.12/13 due to sustained flow of dollars from export proceeds and inward remittances, but steady light dollar demand from State-run banks capped its gains, dealers said. The rupee opened at 48.14/15.

Robust trade inflows continued to give the rupee firm underlying support even as steady dollar demand from State-run banks contained its gains.

A distinctly weak dollar against global currencies also reinforced the rupee's strength, dealers said.

The dollar remained pinned to the back foot vis-a-vis other major currencies on Monday, as concerns about the bleak global economic outlook and geopolitical tensions weighed on sentiment. — PTI

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