The Indian rupee inched closer to below 42-level by gaining 17 paise on August 6 to close at 42.07/08 against the greenback as the demand for the US currency from oil companies weakened amid a fall in crude prices in global markets and softening of dollar.In a volatile trade at the Interbank Foreign Exchange (Forex) market, the local currency resumed at 42.08/10 per dollar from Tuesday''s close of 42.24/25.
It rallied further to breach the 42-mark at 41.92 on the back of strong surge in Indian benchmark Sensex at early stages, which was up by over 460 points, and also on firm Asian stock markets.The domestic unit however pared its early gains in line with the equity market to close at 42.07/08, still higher than overnight close by 17 paise. It moved in a range of 41.92 and 42.13 a dollar.The local currency had gained 25 paise on August 5.
It rallied further to breach the 42-mark at 41.92 on the back of strong surge in Indian benchmark Sensex at early stages, which was up by over 460 points, and also on firm Asian stock markets.The domestic unit however pared its early gains in line with the equity market to close at 42.07/08, still higher than overnight close by 17 paise. It moved in a range of 41.92 and 42.13 a dollar.The local currency had gained 25 paise on August 5.
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