Rupee appreciates 28 paise during week

Mumbai, July 13 (UNI) The Rupee gained nearly 28 paise, past over the 43.00 level, at 42.87/88 against the US Dollar amidst bouts of volatility in the week ended July 11.

The Indian currency traded in wide range band between 42.70 and 43.42 against the greenback, tracking the global crude oil prices during the week, dealers said.

Inter bank foreign exchange market (Forex) witnessed strong bouts of buying and selling though there was a huge gap between demand and supply of dollar as high demands were placed by the foreign banks and oil companies, dealers observed.

Dealers also suspected Reserve Bank's intervention to support the Indian unit at various levels in some of the sessions but the rupee appreciated steadily.

''Rupee strengthened aginst the greenback as there was enough supply of dollars, especially from foreign banks, to feed the increased demands,'' a senior dealer with a leading private sector bank said.

He said the unwinding of non deliverable funds by the traders, bought in dollars from the Singapore market that were sold in local market and this helped the Rupee to appreciate.

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