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Mumbai, July 16

Buoyed by dollar inflows, the rupee moved up against the greenback. The domestic currency opened at 40.36/37, touched an intra-day low of 40.42 but crept up to end at 40.35/37, against the previous close at 40.42. “There has been good supply of dollar from Foreign Institutional Investors as well as exporters. However, nationalised banks were stepping in to rein in the rupee on behalf of the Reserve Bank of India,” said a dealer at a private bank. Market partici pants expect the rupee to be range bound this week. In forwards, the six-month premium closed at 1.77 per cent (1.99) and the 12-month ended at 1.86 per cent (1.93). —

Our Bureau

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