Domestic Currency Ends A Tad

The rupee ended almost tad on May 7 against the Friday''s close but touched an intra-day high of 40.53/54, a fresh nine-year high. The rupee opened strong at around 40.65/70, moved in the range of 40.53-40.60 but finally dipped sharply by around 25 paise to close at 40.87. The rupee closed at 40.85/87 on May 4. The rupee also tracked the movement of overseas currencies against the dollar. Dollar weakened against the yen on weak non-farm payroll data. The rupee''s appreciation is certainly expected to hurt exporters even more. According to a report by Credit Suisse, software and service exporters are the losers from the rupee gains. Recently, TCS admitted to hedging its dollar earnings for $1 billion at 43.50.