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Rupee edges up on late exporters' sales

MUMBAI AUG. 9. Overcoming early pressure, the rupee ended marginally higher against the U.S. currency today on late exporters' sales and unwinding of long positions by banks ahead of the weekend.

In moderately active trading at the interbank foreign exchange market, the rupee closed at 48.6500/6550 a dollar, mildly higher from Thursday's finish of 48.6575/6625 following an early dip to 48.68/69. It opened relatively weak at 48.66/67. Supported by exporter remittances, the rupee rallied from early intra-day lows and posted fresh gains after banks unwound long dollar positions built during the morning session, as sentiment remained upbeat due to regular strong trade inflows, dealers said. The rupee should consolidate further on Monday, backed by dollar supplies. — PTI

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