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Our Bureau

Mumbai, June 12

The rupee opened the week on a positive note as it gained slightly against the US dollar. However, trading was lacklustre with the Indian currency moving in a narrow range of 45.87-45.89 for a major part of the day, said dealers. On Monday, the rupee opened at 45.94 and touched a high of 45.87, before ending trade at 45.92 against Friday's close of 45.95/96. The fall in the share market did not affect the spot rupee. "The effect of the hike in short term rates by RBI, on the spot rupee, was seen on Friday. Today, the effect was probably seen in the forward premia, with the one-year premium increasing by about 25 basis points," said a forex dealer with a private bank.The six-month premium closed at 1.06 per cent (0.97 per cent) and the 12-month ended at 1.2 (1.12 per cent). All major overseas currencies were weak against the dollar, with the euro seeing constant selling.

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