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Indian rupee soars to 47-month peak

Mumbai: The Indian rupee rose nearly one percent against the dollar to hit a 47-month closing high on Wednesday as the central bank limited its intervention in the face of surging foreign investment inflows. The rupee closed at 43.6500/7000 per dollar, notching an 8.7 percent appreciation in 2003/04 (April-March). It last closed higher at 43.6775/6825 on May 9, 2000. The rupee, which had previously closed at 44.07/08, hit a session peak of 43.35 before retreating slightly on corporate demand and a brief bout of central bank intervention. Moses Hoarding, financial analyst and executive Vice President of Indusind bank, said the markets were caught unawares by the rupee's knee-jerk appreciation on Wednesday.

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