January 17, 2003	Friday	Ziqa'ad 13, 1423

MUMBAI, Jan 16: The Indian rupee ended firmer on Thursday, coming off lows after a bout of dollar sales by companies and robust trade inflows.

The unit closed at 47.9325/ 9375 per dollar, up from the day’s trough of 47.9825 and its previous close of 47.9450/9475.

Besides some early short-covering, there was also central bank support at around the 47.96 and 47.9825 levels, and this had kept the rupee depressed, said a dealer at a state bank.

But once the support was withdrawn, selling by corporates and exporters was quite strong and the rupee rallied.

Traders said the central bank, which has offered support for the dollar for the second day, appeared to be concerned about the weak demand for the US unit, especially from importers.

They (the central bank) seem to be keen to get importers to hedge, which is not happening right now, a bank dealer said.—Reuters