July 9, 2003	Wednesday	Jumadi-ul-Awwal 8,1424

MUMBAI, July 8: The Indian rupee rose on Tuesday for the sixth successive day to end at its highest level in more than 33 months on robust foreign fund inflows, but the dollar’s overseas rise is likely to curb further gains, traders said.

The rupee ended at 46.2825/2925 per dollar, up from the morning’s 46.33/3450 and the previous finish of 46.3250/3350, which was a near 33-month closing high.

Traders said the foreign currency options market was subdued on the second day of trade. Dealers estimated volume at between $200 and $250 million on Monday, when the product was launched in India.

Foreign funds bought shares for a net $172.5 million in the first six days of July, after $554 million in June — the highest net monthly inflow in more than two years on hopes that good monsoon rainfall will drive growth in Asia’s No 3 economy.

The benchmark six-month annualised premium rose to close at 2.54 per cent, off the morning’s 2.29 per cent and the previous close of 2.48 per cent.—Reuters