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Rupee firms up further against US dollar

Rupee also ended firm against other world currencies such as the British pound, euro and the Japanese yen.

india Updated: Apr 03, 2006 18:59 IST

The rupee on Monday extended its last week's firm trend against the US dollar and rose further on robust foreign portfolio investment inflows into the Indian stock markets and closed at 44.5950/6050 per dollar at the Interbank Foreign Exchange (FOREX) market.

The Indian unit started the day on a steady note at Rs 44.6200/6400 per dollar and later firmed up on good inflow before ending at Rs 44.5950/6050 as against the previous close of Rs 44.6200/6300 per dollar.

Foreign Institutional Investors (FIIs) as well as domestic Mutual Funds (MFs) continued their heavy purchases and together made a whopping Rs 10,520 crore investment during the month of March, the highest ever investment in a single month, dealers said.

Following the heavy inflow, the Bombay Stock Exchange sensitive index (Sensex) on Monday made a massive 284.40 points rise, the steepest gain since May 18, 2004 and ended at a historic closing high of 11,564.36.

The Indian unit also ended firm against other world currencies such as the British pound, euro and the Japanese yen.

In the cross-currency trade, the rupee opened firm against the pound at Rs 77.31/33 per pound and rose further smartly to end at Rs 77.10/12, showing smart gain over the previous week's close of Rs 77.49/51 a pound.

Similarly, against the Japense yen, the Indian unit started higher at Rs 37.78/80 per 100 yen and continued to rise, before ending at Rs 37.68/70, firmer than the previous close of Rs 37.85/87 per 100 yen.

The rupee started higher against the single European unit at Rs 53.83/85 per euro, but thereafter, moved in a narrow range and closed at the same level, however, smartly higher than the previous close of Rs 54.02/54.04 an euro.

The Reserve Bank of India (RBI) fixed the reference rate for the US dollar at the previous level of Rs 44.6100 per dollar.

First Published: Apr 03, 2006 18:44 IST