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Our Bureau

Mumbai, June 19

The rupee fell by around 4 paise against the dollar on the back of demand from banks. The domestic currency opened at 40.70 and fell to close the day at 40.81, against the previous close at 40.77/78.

Dealers said strong dollar inflows pushed the currency up earlier in the day. However, demand from banks pulled the currency down. "There was strong demand from nationalised banks which caused the currency to dip. Later, foreign banks were seen going long on dollars," said a dealer at a private bank. Market participants expect the rupee to appreciate in the next few days as inflows related to public offerings will flood the forex market. In forwards, the six-month premium closed at 2.82 per cent (2.93 per cent) and the 12-month ended at 2.75 per cent (2.82 per cent).

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