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Mumbai, July 24

The rupee touched a fresh nine-year intra-day high of 40.20 backed by strong FII inflows into the domestic stock market. The rupee closed at 40.27 against the greenback on Tuesday, about two paise up from the previous close of 40.29. Traders said: “Absence of dollar demand from oil refiners and aggressive intervention by the RBI has helped the rupee to surge new heights.” The home currency opened at 40.25/26, and saw an intra-day high of 40.20 before ending the day at 40.27. Mr Paresh Nayar, Chief Dealer, Development Credit Bank, said: “Unless there is some change in policy as far as foreign currency inflows are concerned, the rupee would continue to show substantial strength.” In forwards, the six-month premia closed at 0.96 per cent (0.65 per cent) while the 12-month closed at 1.29 per cent (1.13 per cent). —

Our Bureau

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