August 22nd, 2008, Mumbai (NDTV)
The Indian rupee appreciated further by nine paise to 43.43/44 against the US currency on Friday in anticipation of continued intervention by the central bank in favour of the domestic unit amid a surge in crude oil prices. At the Interbank Foreign Exchange (forex) market, the local currency resumed steady at 43.53/54 a dollar from its last close of 43.52/54 a dollar but later strengthened to 43.43/44 a dollar in late morning deals. Forex dealers said, the rupee drew support from a sharp fall in dollar against basket of currencies in overseas markets and fresh dollar selling by banks. They said, the Indian unit surged strongly in anticipation of continued dollar selling on behalf of the Reserve Bank, which has intervened in the exchange market to prevent any sharp fall in the rupee.
