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Mumbai, July 10

Backed by strong dollar supplies into the domestic market, the rupee strengthened by five paise against the greenback on Tuesday. The home currency opened at 40.39/40 and after trading in a narrow range throughout the day, closed at 40.38, up from the previous close of 40.43. “The rupee has a good scope to strengthen further,” said Mr V. Rajagopal, Head-Forex Treasury, Kotak Bank. In forwards, the six-month premia closed at 1.71 per cent (1.79 per cent) while t he 12-month closed at 1.82 per cent (1.85 per cent). —

Our Bureau

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