Rupee improves on renewed dollar sales

MUMBAI, DEC. 4. The rupee gained moderate ground against the U.S. currency today on renewed dollar sales by banks in the absence of adequate demand in generally quiet and range-bound trade at the interbank foreign exchange market.

Opening around Rs. 46.85/86 a dollar, the rupee later firmed up to 46.8200/8250 at the close, disclosing a 3-1/2 paise gain from last Friday's closing levels of 46.8550/86.

Banks unwound long overbought dollar positions in the absence of demand for the U.S. currency from corporates and importers which allowed the rupee to post fresh gains.

- PTI

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Section  : Business
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