Rupee at a new high

The rupee today ended at 39.35/36 against the US dollar, cheaper by five paise from previous close of 39.30/31 a dollar, following weakness in Asian equity markets and dollar buying by state-owned banks. Banks were believed to be buying dollar on behalf of the central bank in a bid to cap rupee8217;s continued appreciation against dollar. In a fairly active trade at the Interbank Foreign Exchange forex market, the local currency moved in a range of 39.28 and 39.45 after resuming higher at 39.28/30 per dollar.