Indian currency market shut for fiscal year 2004 account closing

There was no trading in the Indian currency market on Thursday, as banks closed their annual accounts for the fiscal year that ended on March 31, 2004.
Analysts expect the local currency, which set a nearly four-year closing peak on Wednesday, to continue to appreciate in the new fiscal year but at a reduced pace as the recent tide of foreign capital inflows towards local share offerings ebbs.
The rupee ended Wednesday at a closing peak of 43.6500/7000 per dollar, after gaining 0.9 percent on the last day of the fiscal year on strong foreign fund and trade inflows and limited intervention by the central bank.
It last closed higher at 43.6775/6825 on May 9, 2000.
India's fiscal year runs from April to March.