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The Indian rupee inched towards its highest in more than 9-« years on Monday, but most gains from record-breaking shares were offset by strong dollar demand from oil refiners and an engineering and construction firm.
The partially convertible rupee ended at 39.42/43 per dollar, in sight of its 9-year high of 39.27 hit early this month and firmer from the previous finish of 39.445/455. "Despite the huge gain in stocks, the rupee ended just slightly up, indicating the level of dollar interest today," said the dealer with a private bank.

Copyright Reuters, 2007

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