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Our Bureau

Mumbai, Feb. 26

The rupee gained by around three paise on exporters selling dollars and weakness of the dollar overseas. The rupee opened at 44.11, moved in the range of 44.13-17, and finally closed at 44.20, higher than the close of 44.23 on Friday. "The dollar weakened against the yen on geo-political tensions involving the US and Iran," said a dealer at a private bank. Dealers said the Reserve Bank of India was also seen buying dollars, through nationalised banks, in the market. "The RBI's intervention pushed down the rupee from 44.13/15 to 44.17," the dealer said. "The rupee also tracked the irregular movements in the stock markets," he added. The six-month forward-premia closed at 3.24 per cent (3.22 per cent) and the one-year at 3.01 per cent (3.02 per cent).

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