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Mumbai, June 1

The rupee strengthened by about 9 paise against the greenback on Friday "owing to strong FII inflows into the market," said a dealer with a private bank. Dealers said that the rupee was largely range-bound throughout the day. The domestic currency opened the day at 40.54/56 to close at 40.52/53 up from the previous close of 40.61.

"The RBI was seen buying dollars through the state-run banks to cap the further appreciation of rupee around the 40.52 levels," said the dealer. Market participants feel that the central bank will allow the gradual appreciation of rupee. "The rupee rally might continue with huge capital inflows slated for local equities and several initial public offerings like that of DLF and ICICI Bank opening for subscription," the dealer added. In forwards, the six-month premia closed at 2.58 per cent (2.62 per cent) while the 12-month ended at 2.73 per cent (2.74 per cent).

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