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Our Bureau

Mumbai, Aug. 9

The rupee gained against the dollar on Wednesday. Strong dollar selling by corporates also aided the rupee. The domestic currency opened lower at 46.60/62 but ended at 46.47, higher than Tuesday's close at 46.53/54.

"The home currency opened weak at 46.60/62, tracking yen's movement against the dollar," said a dealer at a private bank. "However, later in the day the yen strengthened following the FOMC decision not to hike the short term interest rates. This caused the home currency to strengthen," he added. The Chinese yuan also strengthened against the dollar following reports from China that the exchange-rate system introduced in the country is helping growth in the economy, said the dealer. In the forward-premia market, the six-month ended at 1.19 per cent (1.11 per cent) and the 12-month ended at 1.29 per cent (1.18 per cent).

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