BUSINESS

Rupee ends higher

MUMBAI JAN. 28. Overcoming early pressures due to the tense U.S.-Iraqi standoff, the rupee rallied smartly to end with modest gains against the U.S. currency today, backed by healthy dollar supplies from exporters and expatriate Indian remittances.

In fairly volatile two-way trading at the interbank foreign exchange market, the rupee closed at 47.8950/9000 a dollar, a fresh 1-1/2 paise gain from Monday's finish of 47.9050/9150 and a sharp rebound from early intraday low of 47.95/96 due to the Iraqi crisis.

The rupee opened on a weak note at 47.92/93 following overnight news of a dismal report submitted by UN weapon inspectors.

The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 47.92 and for the single European unit at Rs. 51.86. — PTI

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