Rupee gains 15 paise against USD during the week

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Mumbai, Nov 3: The Rupee gained about 15 paise against the US currency in a volatile Forex market, during the week ended November 2.

The Indian unit's move to cross the 39.30 level was prevented due to suspected intervention by the Reserve Bank of India during the last two days. It is expected that Central Bank's hold on the Rupee's appreciation will be continued in the coming sessions as the market will remain volatile, market analysts said.

The partially convertible Indian currency made a firm start at 39.38/40 per dollar and closed at 39.42/43 dollar with a slight gain on Monday.

On Tuesday, Rupee hit the week's high of 39.30 per dollar showing a tendency to touch the 9-1/2 year peak of 39.27 per dollar. However, it was capped around 39.41/42 per dollar on the reported intervention by RBI.

On Wednesday, the local unit gained further against the US unit on smart moves in Indian Stock market but its upward move aginst dollar was prevented by the central bank. Moreover, it remained steady around 39.30/31 during the last two days of the week despite continued high volatility in the market.


UNI

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