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Our Bureau

Mumbai, March 28

The rupee strengthened on Tuesday on steady US dollar inflows and as the central bank stayed away from the market, said dealers. the rupee opened at 44.70/71 and touched a low of 44.75 before closing at 44.64, against the previous close of 44.67. Further movement in the dollar will depend on the stance of the US Federal Reserve, which was scheduled to meet later in the day on Tuesday. The market has already factored in a rate hike from 4.5 per cent to 4.75 per cent and will keenly watch the tone set by Fed for the future. "If the stance for future is neutral, then the euro and pound could strengthen. If the stance indicates no further rate hike, then the market is likely to be volatile," said the dealer.

The forward premia saw two-way movement, with the one-year premia closing at 1.75 per cent (1.65 per cent) and the six-month at 1.9 per cent (1.86 per cent).

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