Rupee rallies smartly against US Dollar
Overseas, the Dollar remained weak and gave the Rupee underlying support on the back of strong trade inflows.india Updated: Jan 16, 2006 21:20 IST
The Rupee on Monday rallied against the Dollar and ended at 44.21/22 per Dollar, a three paisa gain from last Friday's close of Rs 44.24/25, but a sharp fall from the firm opening slot of Rs 44.11/13 per Dollar following the Dollar's slide against major global rivals, mainly the Euro and the Yen.
It had declined by 11 paisa last Friday due to a slowdown in FII inflows.
Overseas, the Dollar continued to remain weak and gave the Rupee underlying support on the back of strong trade inflows.
This happenedeven as the Dollar demand from corporates and importers put a solid lid on the Rupee gains, a forex dealer said.
Relatively firm crude oil prices at $63.85 perbarrel also partly weighed on the Rupee value, he added.
India's exports bounced back in December to register a 16.19 per cent growth at 8.2 billion Dollars.
Exports in the first nine months of the current fiscal clocked a growth of 18.03 per cent at 66.4 billion Dollar as against 56.2 billion Dollar in the same period in the last fiscal.