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Our Bureau

Mumbai, May 8

The rupee closed almost flat on Tuesday. The currency closed at 40.85/86 against the previous close of 40.87. "The domestic currency saw a two-way movement. It opened at 40.87, which was also the intra-day low and saw an intra-day high of 40.70/72.

There was some dollar buying by foreign banks," said a dealer with a private bank. The rupee has been gaining against dollar in the past few months. Market participants expect the rupee to trade in the range of 40.70 - 41.10. In forwards, the six-month premia closed at 5.30 per cent (5.61 per cent) and the 12-month ended at 4.50 per cent (4.71 per cent).

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