Rupee strengthens

The rupee traded higher on Thursday, amid slowdown in the dollar demand from importers, dealers said.

The rupee gained 27 paisas to close at 123.96 against the dollar, compared with Wednesday’s closing of 124.23.

Traders said the currency showed a modest strength on relatively lower-than-usual demand from importers and the corporate sector.

“The interbank market remained calm. We expect the rupee to trade at 124.10/15 by the end of this week,” a trader said. In the open market, the rupee managed to gain 50 paisas against the dollar. The rupee traded at 122/123 on improved supplies of the dollars.