January 26, 2006	Thursday	Zilhaj 25, 1426

MUMBAI, Jan 25: The rupee recovered from the day’s low on Wednesday as the euro edged towards a four-month high against the dollar after strong German business sentiment, bolstered further by a booming local stock market, dealers said.

Traders said early dollar demand from state-run companies, including an oil refiner and a gas exploration company, waned and banks were wary of going long on the dollar ahead of Thursday’s holiday, given that carry costs are high at around 8pc.

The rupee ended at 44.18/19 per dollar, off morning’s 44.325/ 335 per dollar and 0.17 per cent higher than the previous close of 44.245/265. Banks in the financial capital Mumbai are closed on Thursday on account of India’s Republic Day.—Reuters