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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