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Our Bureau

Mumbai, July 31

The rupee traded strong against the dollar on account of a weak dollar overseas. The home currency opened at Rs 46.55 and touched an intra-day high of Rs 46.45 to finally close at Rs 46.55/56.

On Friday, the rupee ended at Rs 46.69/70. Dealers said that there was an absence of strong demand from domestic oil companies, helping the rupee to strengthen. "The dollar was weak against the overseas currencies because of the US data released last week.

The data suggested that there is unlikely to be any rate hike in the country," said a dealer at a private bank. "The dollar weakened on that account and the rupee tracked the movement of other global currencies," he pointed out. The stock markets also helped the rupee gain in value against the dollar. "The foreign funds are also buying," said the dealer. In the forward premia market, the six-month ended at 1.05 per cent (1.09 per cent) and the 12-month ended at 1.15 per cent (1.17 per cent).

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