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Our Bureau

Mumbai, June 15

The rupee strengthened by about 4 paise against the greenback backed by sustained inflows into the domestic market, said a dealer with a private bank. The domestic currency closed at 40.87 on Friday, up from the previous close of 40.91/92. Rupee opened at 40.92/94, a tad weaker than the previous close of 40.91/92 and saw an intra-day low of 41.0150 before ending the day at 40.87. Market participants expect the rupee to trade in the range of 40.75- 41.25.

Meanwhile, Yes Bank has asked exporters to hold back before taking a position on dollar-rupee because currently the market is very volatile. "In the longer duration, it is expected that the rupee will weaken to trade in the range of 42-42.50. Interest rates will also soften," said Mr Ajay Mahajan, Group President, Financial Markets, Institutions and Investment Management, at the sidelines of a press conference here today. He felt that by July, the market might see comfortable liquidity. In forwards, the six-month premia closed at 3.14 per cent (3.05 per cent) while the 12-month closed at 2.88 per cent (2.85 per cent).

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