The Hindu Business Line : Rupee strengthens against dollar

The rupee further strengthened by around 10 paise against the dollar on Thursday, on the back of strong FII inflows. The domestic currency opened at 45.92 and touched an intra-day high of 45.8250. It finally closed at 45.86/87, up from Wednesday's close at 45.97. Forex dealers said that besides the strong FII inflows in the market, the rupee was also tracking the gains made by an appreciating yen. "Exporters like the Indian software companies were selling dollars and hedging their positions," said a dealer at a private bank. "We just have to wait and see whether the RBI is comfortable with a strengthening rupee. In the short-term, the domestic currency is likely to stay in the range of 45.60-46.25," said a dealer. In the forward premia market, the 6-month premium closed at 1.22 per cent (1.21) and the 12-month ended at 1.26 per cent (1.25).

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