BUSINESS

Mild rally in rupee

MUMBAI SEPT. 26. Overcoming month-end pressures, the Indian currency rallied mildly against the U.S. currency on Friday on the back of steady foreign fund inflows and helped partly by a lingering weak dollar overseas, arresting a three-session string of losses. In choppy two-way trade at the interbank foreign exchange market, the rupee closed at 45.85/86 a dollar, a paisa gain from Thursday's finish of 45.86/87 a dollar, following a smart rally from intraday lows of 45.87/88 a dollar after month-end dollar demand dragged it down. Meanwhile, the rupee opened on a firm note at 45.82/83 a dollar, which happens to be the best levels of the day. The rupee declined by over six paise yesterday, pulled down by heavy month-end dollar demand and export cancellations.

Although, the usual month-end pressures drove the rupee sharply lower to 45.86/87 a dollar, healthy trade and capital inflows helped the rupee bounce back smartly.

— PTI

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