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Our Bureau

Mumbai, Aug. 29

The rupee stayed firm against the dollar in tandem with the movement of the other currencies against the greenback.

The domestic currency opened at 46.47/48, fell to 46.53 before closing at 46.50 against 46.50/51 on Monday. Dealers said the rupee remained steady as it was tracking the movement of currencies such as the euro, GBP and yen against the dollar. "The rupee erased its early gains as there was month-end demand for dollars from importers. But currencies like the euro, which strengthened by 50-60 basis points against the dollar, helped the rupee to hold on," said a dealer at a private bank. Market participants expect the domestic currency to stay in the broad range of 46.25-46.75 through the week. "The rupee could strengthen if the yen appreciates, on the back of talks of a Japanese interest rate hike," said a dealer. In the forwards, the six-month premium closed at 1.40 per cent (1.36) and the 12-month premium ended at 1.34 per cent (1.32).

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