Rupee appreciates further against U.S. dollar

By SiliconIndia   |   Wednesday, 27 February 2008, 12:39 Hrs
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Mumbai: It is time for the companies, who are so dependent on the U.S. dollar, to receive another jolt. The Indian rupee appreciated further by more than three paise in range-bound trade on Tuesday on the back of firm equity market and improved dollar supplies due to exporter's sales.

Forex dealers said that there was little activity at the Interbank Foreign Exchange market this morning. The local currency resumed strong at 39.90/92 a dollar against previous close of 39.96/97 a dollar and was later quoted at 39.9250/9300 a dollar in late morning deals in the absence of any major market moving factors.

They added that expectations of a gradual pick-up in capital inflows into equity with the Indian benchmark surging by about 131 points aided the rupee sentiment. Indian stocks rallied smartly yesterday lifting the key index by over 300 points.

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