labels: economy - general
Rupee at nine-month highnews
Our Economy Bureau
01 January 2005

Mumbai: The rupee ended at a nine-month high on the last day of 2004 as dollar fell overseas and banks unwound long-dollar positions amidst higher foreign inflows.

The rupee appreciated to close 26 paise higher at 43.47/48 against the dollar. On Thursday, it ended at 43.73/74. It opened strong at 43.6850 and moved up further touching the day's high at 43.43 per dollar, dealers said.

Foreign investor inflows and some external commercial borrowings coupled with bullish sentiment on the euro and yen drove the rupee up.

All-round selling of dollars aided the rupee movement, as did the rising share market, which ended above 6,600 points.

Annualised forward premia fell as exporters covered their exposures. The six-month premium closed at 1.72 per cent (1.85 per cent) while the one-year forward ended at 1.31 per cent (1.40 per cent).


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Rupee at nine-month high