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Rupee scales new peak

MUMBAI APRIL 22. Despite steady dollar demand from State-run banks, the rupee rallied smartly from early low to end at a new over 19-1/2-month peak against the U.S. currency today, backed by robust trade and corporate dollar inflows.

In choppy two-way dealings at the interbank foreign exchange market, the rupee closed at 47.3400/3450 a dollar, higher from Monday's finish of 47.3575/3625 and a sharp turnaround from early intraday low of 47.37/38.

It opened weak at 47.37/38 on a spillover of overnight dollar short-covering by public sector banks.

The rupee had last ended around 47.34/35 a dollar at the beginning of September 2001.

Overcoming early pressure due to steady dollar demand from State-owned banks, the rupee rallied smartly on the back of strong dollar inflows from export proceeds and expatriate remittances, dealers said.

PTI

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