Friday, January 23, 2009

Indian Rupee Ended The Day Cheaper - Jan 23,2009

The Indian rupee ended the day cheaper by 3-4 paise at 49.14/16 against the greenback on Jan 22 on strong demand for dollar from foreign funds. The rupee resuming stronger at 48.88/90 a dollar from its earlier close of 49.11/12 a dollar at the Interbank Foreign Exchange (Forex) market but later fluctuated between 48.85 and 49.20 during the day.

The market was directionless amid indications of increased pressure for the short-term as the oil refiners are expected to begin purchases of dollar for their month-end import payments, dealers in foreign exchange said. The dealers also said that the domestic currency came under pressure on a dramatic buying spree from foreign investors. Meanwhile, the dollar turned weak against the Japanese yen and the euro in the overseas market.

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