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Rupee edges up

MUMBAI AUG. 1. The rupee ended a notch higher against the dollar today in extremely shallow and lethargic trading at the interbank foreign exchange market with the outlook for the currency remaining upbeat.

Closing at 48.6550/6600 a dollar, a shade better than Wednesday's close of 48.6600/6650, the rupee was wedged in a tight band of 48.6500 and 49.6700 in muted business. It opened on a steady note at 48.66/67. Lack of adequate dollar demand from corporates and importers amidst steady flow of dollar supplies from exporters characterised the dull and lacklustre trading that kept the rupee confined to narrow grooves, dealers said. However, the general sentiment for the rupee remained positive on technical factors and strong inward remittances from exporters, they added.

"It was another quiet day in the dealing rooms with hardly anything happening. Stray dollar demand was easily met with the adequate local dollar supplies," a dealer said. "I don't see much happening tomorrow also, but the rupee should retain its underlying strength," he added.

— PTI

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