The Hindu Business Line : Rupee up on dollar inflow

The rupee gained slightly against the greenback on the back of dollar flows into the market. The domestic currency opened at 45.91/93 and touched an intra-day high of 45.8750. It finally closed the day at 45.89/90 against Tuesday's 45.92/93.

Dealers said traders were squaring off their positions and selling dollars. "Since, importers' demand for dollars is now spread out over the month, there is not much pressure on the rupee towards month-end," said a dealer.

Market participants expect the rupee to strengthen further and fall below 45.80. "There are good FII inflows and the price of global crude has also eased. The rupee fundamentals appear strong," said a dealer. In forwards, the six-month closed at 1.27 per cent (1.3 per cent) and the 12-month ended at 1.32 per cent (1.31 per cent).

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