Rupee gains six paise against USD in the week

Mumbai, Jan 12: Inching towards a decade high, the Rupee gained about six paise against US Dollar, despite Reserve Bank's suspected intervention in the week ended January 11, 2008.

The partially convertible Indian currency ended the week at 39.285/295 per dollar from last week's close of 39.34/35 amid choppy trade in the Inter Bank Foreign Exchange (Forex) market. Rupee touched an intra-day high at 39.21 per dollar on January 7, giving a clear signal to move near to a decade-high of 39.16 per dollar, hit in November 2007, traders said.

Local unit traded in a wide range band of 39.21 and 39.37 per dollar during the week, however, the continuous suspected intervention by the Reserve Bank of India (RBI) restricted the Rupee's strong move against the American greenback, dealers opined.

Dealers maintained that the Indian unit would follow the gaining trend against the dollar on positive cues in Indian market as well as weak cues in US markets because of worries over an expected US economy crisis ahead.

UNI