The Hindu Business Line : Rupee gains 20 paise

The rupee gained by about 20 paise against the dollar on Friday, tracking the domestic equity market, which surged by over 700 points. The rupee opened higher at 49.35, but fell during day trade. It closed at 49.47, higher than Wednesday's close of 49.66. The high call rates also aided the rupee, said a forex dealer with a private bank. "There was inter-bank dollar selling as the high call rates made it difficult for market participants to be long on the dollar. The pressure on the rupee was less also because the month-end dollar buying by oil companies was over," he said. However, the overall selling sentiment against the rupee had not improved, he added. Next week, the rupee could trade between levels of 49.10 and 48. If the call rates continue to be high, the rupee would get some support. However, a pullback in the stock market could adversely impact the domestic currency, he added. "Though the rupee continues to be weak against the dollar, the steady and unabated fall of the rupee has come to an end," he said. - Our Bureau

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