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Our Bureau

Mumbai, March 6

The rupee marginally gained on Monday against the greenback on the back of heavy dollar inflows.

The domestic currency opened at 44.34 and touched an intra-day high of 44.29. It, however, closed the day at 44.31/32, higher than Friday's close at 44.33.

Dealers said that FII inflows in the market buoyed the home currency. However, public sector banks started buying dollars on behalf of RBI at the intra-day high of 44.29.

A dealer at a private bank said, "Globally, the dollar has appreciated against currencies like the yen due to rumours that Japan might not abandon its zero interest rate policy in the near-term. Despite this, the rupee has been appreciating due to the rise in the domestic stock market".

In the forward premia market, the six-month premium closed at 2.95 per cent and the 12-month ended at 2.3 per cent.

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