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Our Bureau

Mumbai, May 22

The rupee strengthened by around 10 paise on Tuesday against the greenback on strong dollar inflows. The domestic currency opened at 40.61/63, touched an intra-day high of 40.52/54 and finally closed at 40.57, against Monday's close of 40.67/68. "There were heavy foreign institutional investor dollar inflows of around $300 million and $110 million in the past two days. This would have made its way to the forex market," said a dealer at a private bank. Traders said nationalised banks were seen buying dollars during the day, which partially trimmed the rupee's gains. "The demand could have either been from oil companies or it could be intervention from the central bank," said a trader.

In forwards, the six-month premium closed at 4.13 per cent (4.08 per cent) and the 12-month was unchanged at 3.66 per cent.

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