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Our Bureau

Mumbai, Sept. 4

The rupee gained as the US currency weakened globally and a dollar-selling mood hit the market. The rally in the domestic stock market, fall in oil prices and expectations of the US Federal Reserve keeping quiet helped the domestic currency touch a two-month high, said dealers. "The yen strengthened overseas which helped the rupee gain reasonably," said a dealer with a private bank. The rupee opened at Rs 46.47/48, touching a high of Rs 46.2750/28 before ending at Rs 46.34/35, about 20 paise up from Friday' close of Rs 46.52/53. The level of Rs 46.28 was last seen in July, said the dealer. Another positive for the rupee was the capital account convertibility report released on Friday, which was welcomed by the international community, said a forex dealer. The rupee is likely to trade between Rs 46.25 and Rs 46.45 till about September 10. The forward premia ended at levels slightly lower than the previous close. The six-month premium closed at 1.37 per cent (1.4 per cent) and the one-year closed at 1.39 (1.41 per cent).

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