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Our Bureau

Mumbai, March 16

The rupee moved up against the dollar on Thursday, tracking the movement of other major currencies. The home currency opened at 44.40, higher from Tuesday's close of 44.47/48. It, however, dipped during the day to end at 44.43/44. Dealers said data showing the US current account deficit widening caused the dollar to lose ground against all the other major currencies such as the euro and yen. "A correction was due especially since the dollar had been rallying against other currencies in the past 15 days. The rise in the domestic stock market also lent support to the rupee," said a dealer at private bank. Dollar buying by nationalised banks presumably on behalf of the central bank, however, caused the rupee to trim its early gain. In the forward premia market, the six-month premium closed at 2.33 per cent (2.68/2.72) and the 12 month ended at 1.87 per cent (2.06/2.08).

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Rupee rises vs dollar

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