Mumbai, June 1 (UNI) The Rupee gained about 26 paise at 42.46/47 against the US Dollar as global crude oil prices came down from its record high level and on suspected intervention by the Reseve Bank to prevent sharp fall of Indian currency in the week ended May 30.
The Indian currency moved in a wide range between 42.46/47 and 42.97/98 against greenback. However, it fell at a lower level on sustained demand for dollars increased as oil prices moved over USD 135 per barrel in the week. But, the rupee came off from the lower levels in last session of the week as the inflows strengthened after the government eased the external commercial borrowing rules for local firms, dealers said.
The reported intervention by the Reserve Bank of India for preventing rupee's sharp fall against US Currency and better than expected GDP growth for fourth quarter of FY08 also helped the Indian unit to gain its ground by the end of week, dealers observed.
Further, dealers maintained that rupee would be under pressure in the future sessions as the annual inflation has breached the level of 8 per cent and there is strong possibility that government may hike the domestic fuel retail prices.
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