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Our Bureau

Mumbai, Nov. 27

The rupee gained by three paise on Monday on strong FII inflows. Dealers said rupee gains were trimmed following strong demand for dollars from oil companies. "Foreign banks and nationalised banks bought dollars leading to a fall in the rupee," said a dealer at a private bank. The market also suspects intervention by the Reserve Bank of India, he added. The rupee opened at 44.61/63 but closed around three paise lower at 44.65/66 against Friday's close at 44.69/70.

In forwards, the six-month premium closed at 1.95 per cent (1.94 per cent) and the one-year was unchanged at 1.80 per cent (1.80 per cent).

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