Rupee stronger by 10 paise against dollar

Mumbai, May 21 (PTI) Stretching its gains for the fifth
day in a row, the Indian rupee gained another 10 paise
Thursday at 47.37/38 against the dollar on US currency's
weakness against major rivals in the global market amid
sluggish trend in local stock markets.

The domestic currency surged to a high of 47.29 in
lacklustre trade at the Interbank Foreign Exchange (forex)
market. Dealers in foreign exchange said the rupee continued
to draw support from expectations of increased capital inflows
into the country amid growing optimism about speedy reforms in
the financial sector by the new UPA government at the Centre.

They, however, said some capital outflows from equity
Wednesday exerted pressure on the rupee sentiment.

Meanwhile, the benchmark Sensex on the Bomaby Stock
Exchange Thursday ended lower by 324.12 points or 2.31 per
cent.

Traders anticipated dollar demand at the month-end as
oil companies will have to make their monthly import payments.
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