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Our Bureau

Mumbai, Aug. 16

The rupee strengthened against the dollar on Wednesday on the back of foreign funds flowing into the equity markets. The currency opened at 46.55/57 and moved in a narrow range of 46.53-46.59, finally ending at 46.58, higher than Monday's close at 46.61/62. The market was closed on Tuesday on account of Independence Day. "The domestic equity market was strong on Wednesday, causing the home currency to strengthen," said a dealer at a private bank. "Selling interest by exporters also helped the rupee gain to 46.53," he said.

"Oil companies were also seen buying dollars," he said. In the forward-premia market, the six-month premium ended at 1.33 per cent (1.23 per cent) and the 12-month premium ended at 1.33 per cent (1.25 per cent).

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