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Our Bureau

Mumbai, March 1

The rupee edged up against the dollar buoyed by the rise in the domestic stock market and on the back of dollar inflows.

The home currency opened at 44.29 and fell during the day to close at 44.37, a tad higher than Tuesday's 44.38.

Dealers said the upswing in stocks pushed the rupee to open higher. However, the rupee's gain was neutralised by the central bank's move to step in to buy dollars. A dealer at a private bank said, "This seemed like a good opportunity for the RBI to buy dollars for the infusion of liquidity as well as to replenish the reserves post the IMD redemption. In the coming days, if dollar inflows continue, then the RBI might intervene at the 44.15 level." In the forward premia market, the 6-month closed at 2.50 per cent and the 12-month ended at 1.95 pc.

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