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Our Bureau

Mumbai, April 10

The rupee strengthened by around 8 paise against the dollar on Tuesday and continued to remain close to the eight-year high mark for the third consecutive day. The currency opened at 42.87/88, saw an intra-day high of 42.76/77 and a low of 43.02 before closing at 42.83/84 against Monday's close at 42.91.

"The arbitrage opportunities between offshore and onshore markets were cashed in," said a dealer with a private bank. "The domestic currency saw a two-way movement today," he added. Market participants expect the rupee to trade in the 42.75-43 range. In forwards, the six-month premia closed at 5 per cent (5.13 per cent) and the 12-month closed at 4.04 per cent (4.08 per cent).

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