BUSINESS

Rupee rallies

MUMBAI DEC. 4. The rupee surged ahead against the U.S. currency today on the back of robust dollar supplies from export proceeds and inward remittances in fairly volatile trading at the interbank foreign exchange market.

Closing at 48.2050/2100 a dollar, a nearly five paise gain from Tuesday's finish of 48.2500/2575, the rupee briefly breached the 48.20 a dollar barrier and touched intra-day peak of 48.1950/2000 in late deals. It opened on a firm footing at 48.24/25.

The domestic currency gained over two paise yesterday.

The rupee is now hovering around 11-1/2-month peak against the U.S. currency, buoyed by sustained dollar inflows from exporters and inward remittances even as an upbeat sentiment gave it a further fillip.

PTI

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