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The rupee on Friday appreciated by 29 paise to close at 47.26/27 against the US currency on sustained dollar selling by exporters and some banks amid the Reserve Bank's move to raise key policy rate. The cumulative impact of RBI's policy actions should now be increasingly felt in the form of a further moderation in rupee's demand by banks and supply in the system.
Firm equities and fresh capital inflows too boosted the sentiment while firm dollar overseas capped the rupee rise. At the Interbank Foreign Exchange market, the domestic unit opened better at 47.50/51 a dollar from the previous close of 47.55/56. After opening the unit immediately touched a low of 47.55. However, firm local equities and continued dollar selling by exporters and some banks on hopes of a further fall in the US dollar in overseas markets mainly kept the rupee rising. It later concluded at 47.26/27, a net rise of 0.61 per cent.
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