Rupee gains

The rupee value increased against the dollar at the interbank forex market on Wednesday due to slowdown in the demand for the foreign exchange by importers.

The rupee gained 16 paisas to close at 104.45 to the dollar against the previous closing of 104.61.  The local unit initiated the day at 104.57/60. It traded highest at the level of 104.62. 

Dealers said that a sluggish demand and increase in supply of dollars supported the exchange rate to sustain its upward momentum.