Rupee gains 7 paise against $

MUMBAI, JAN. 12. A virtual dollar sell-off by banks, spurred by sales from foreign funds, drove the rupee to close sharply higher at 46.55/56 a dollar at the inter-bank foreign exchange market here today.

The Indian currency gained by a steep seven paise vis-a-vis the greenback from the overnight closing level of 46.6200/6250 after foreign banks, custodians for foreign institutional investors led the dollar-selling spree around late morning dealings.

Other participants later joined the dollar-offer bandwagon and strengthened the rupee further, dealers said.

The rupee opened at 46.61/62 and briefly moved down to 46.6150/6250 on stray dollar demand from State-run bank.

Rupee sentiment has improved considerably following global easing of oil prices and a sustained rise in forex reserves to record peaks.

- PTI

Send this article to Friends by E-Mail

Section  : Business
Previous : Refinery stocks hog limelight
Next     : Nod for Tata AIG insurance venture