Rupee opens up at 48.95 per US dollar

Mumbai, Oct 21: On Tuesday, Oct 21 India rupee opened at 48.95/97, with a small gain of seven paise, from the previous day's close of 49.02 on scattered buying support from local operators. However, the business volume was thin due to strike called by Reserve Bank of India employees. Later, the domestic currency fluctuated in a narrow range between 48.95 and 49.01 during the mid-morning session.

Dealers said ''Trade in the rupee this morning session was severely affected by a strike called by the staff of the central bank, who are seeking higher pensions.'' The foreign exchange market will be open, but volumes are expected to be low because of the absence of the central bank, traders said.

Due to the strike, the bond market was closed today.

UNI