Rupee extends gains

MUMBAI, JUNE 18. The rupee strengthened further against the U.S. currency today on the back of good dollar supplies in an otherwise quiet and range-bound trading at the inter-bank foreign exchange market.

Closing at 46.9750/9800 a dollar, another 2-1/2 paise gain from last Friday's finish of 46.9950/47.0050, the rupee traded in a tight band of 46.9750 and 47 in muted business. It opened at 46.9950/47.0050. The rupee had appreciated by 3-1/2 paise in the last two sessions in the previous week, supported by exporter dollar sales and unwinding of long positions by banks.

Dollar supplies accumulated over the weekend from export proceeds and inward remittances gave the rupee good underlying support.

- PTI

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Section  : Business
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