June 25, 2002	Tuesday	Rabi-us-Sani 13, 1423

MUMBAI, June 24: The rupee ended firmer, hitting levels last seen in mid-April, as the weak dollar globally spurred heavy sales by exporters.

Traders said the selling of both spot and future export receipts would have pushed the rupee higher had it not been for central bank intervention through state-run banks.

The rupee ended at 48.8775/8900 per dollar, higher than Friday’s closing 48.9050/ 9150.

People are talking about the rupee rising to 48.75 and then 48.50, a dealer with a foreign bank said.

The selling of dollars extended to the forward maturities, where one-year dollar forwards ended down at 5.26 per cent, nearly 10 basis points lower than Friday.—Reuters