The partially convertible rupee closed at 54.55/56 per dollar versus its
previous close of 54.85/86. The unit moved in a range of 54.4850 to
54.93 during the session. Other traders also attributed the dollar inflows of around $300 million to Power Finance BSE -0.64 % Corp. PFC was likely to raise $500 million via mid-term notes this week at the earliest, chairman Satnam Singh had said last week.
Local shares rose for a second consecutive session, marking their highest close in almost two weeks, led by IT stocks such as InfosysBSE 0.42 % after recent losses were seen as overdone with hopes of a resolution to the "US cliff" standoff also likely to improve the outlook for the sector.
"Defence demand has been on the higher side these days along with the normal oil demand. But there were some inflows heard from a power sector financer,"
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