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This is an archive article published on January 4, 2010

Rupee hits 1-mth high at 46.40 against dollar

The Indian rupee rose to its highest in a month on Monday,tracking strong regional currencies.

The Indian rupee rose to its highest in a month on Monday,tracking strong regional currencies and as foreign banks bought the local currency to arbitrage in the offshore non-deliverable forwards (NDF) market.

“Foreign banks are seen selling (dollars) as there is negative arbitrage in the one-month NDF,” said a trader with a private bank.

At 1:50 p.m.,the rupee was trading at 46.40/41 per dollar,after touching 46.39,its highest since Dec. 4.

The one-month rupee NDF was trading at 46.4350.

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