Rupee Ends At New 44-month High Of 44.73/74 Per Dollar

Mumbai, March 25 | Updated: Mar 26 2004, 05:30am hrs
Warding off renewed corporate dollar demand and short-covering by importers, the rupee crept to a new 44-month closing high of Rs 44.73/74 per dollar on Thursday on the back of steady foreign fund inflows in choppy two-way trade at the interbank foreign exchange (forex) market.

After hitting early peaks of Rs 45.71/72 per dollar, the rupee tumbled to Rs 45.77/78 in the afternoon, dragged down by fresh dollar demand from corporates and importers.

However, dollar inflows from foreign institutional investors (FIIs) and other trade avenues helped the rupee rally smartly and equal a 44-month record close of Rs 44.73/74 clocked on July 24, 2000, a dealer said.