The rupee inched up on Thursday as hundreds of thousands of bank workers went on a one-day strike to protest against the government's economic policies.
The workers, led mostly by those in state-run banks that dominate the market, are protesting against the communist-backed Congress party-led government's plans to encourage bank mergers, shut unviable branches and ease foreign direct investment rules.
The rupee briefly rose past the key 44 per dollar mark in intra-day trading on strong foreign investments into a booming Indian stock market but eased later on month-end demand for the US currency from companies. The partially convertible rupee ended at 44.0150/02 per dollar, off an intra-day high of 43.9875, but stronger than the previous day's 44.040/045 and Tuesday's four-week closing low of 44.04/05.