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Mumbai, July 4

Backed by the strong FII inflows and good dollar supplies into the market, the rupee appreciated by almost nine paise against the greenback on Wednesday. The home currency opened at 40.56/57 and closed the day at 40.45, up from the previous close of 40.54/55. “The supplies seem to be very strong which will cause further strengthening of the rupee helping it to appreciate to 40 or even below 40 levels. Other currencies have also been strengthening against the dollar,& #8221; said Mr V. Rajagopal, Head-Forex Treasury, Kotak Bank. In forwards, the six-month premia closed at 2.09 per cent (2.13 per cent) while the 12-month closed at 2.18 per cent (2.26 per cent). —

Our Bureau

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