Rupee up by 30 paise to 50.04/05

Last Updated: Mon, Apr 06, 2009 13:11 hrs

Mumbai: Continuing its rally for the third day in succession, the rupee on Monday improved by another 30 paise to close at 50.04/05 against the greenback on stronger equity markets amid expectations of increased capital inflows.

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However, dollar demand from oil refiners and short coverings by exporters pared early smart gains.

In active trade at the forex market, the domestic unit resumed higher at 49.95/97 a dollar from its previous close of 50.34/35 a dollar and later hit a high of 49.88 on firm equity markets.

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But, it fell to a low of 50.15 before concluding the day at 50.04/05, still higher than the last close. In the straight three-session rally, the rupee has spurted by a total 114 paise or 2.23 per cent. Dealers said the bullish stock markets raised optimism about continued capital inflows into the equity markets.

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