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Our Bureau

Mumbai, May 29

The rupee edged up slightly against the greenback on dollar inflows. The domestic currency opened at 40.45/47 and touched an intra day high of 40.43. It then dropped to close the day at 40.50, against Monday's close at 40.51/52.

Dealers said there were some rumours the central bank had intervened to prevent the rupee from appreciating beyond its intra day high. "The movement of the rupee now depends on RBI's intervention in the market. If the forex inflows persist, the rupee will quickly appreciate to 40," said a dealer at a private bank. In forwards, the six-month premium ended at 3.05 per cent (3.18 per cent) and the 12-month ended at 3 per cent (3.09 per cent).

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