Friday, Sep 06, 2002
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In mostly quiet and range-bound trade at the Interbank foreign exchange (forex) market, the rupee closed at 48.4800/4850, a three paise drop against 48.4500/4550 yesterday. It opened on a soft note at 48.45/46 a dollar.
The rupee had appreciated by nearly seven paise in the last four consecutive sessions, backed by healthy dollar supplies from exporters and non-resident Indian (NRI) remittances.
The rupee has been receiving good underlying support from exporter remittances and strong trade data. However, state-run banks mopped up nearly all of the excess supplies flowing into the market. The Reserve Bank of India fixed the reference rate for the dollar at Rs. 48.47.
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