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Mumbai, Aug. 21

The rupee saw good two-way movement against the dollar on Tuesday and closed higher at 41.08/09, about 25 paise up from Friday’s close of 41.33/34. The rupee tracked the domestic equity market, which saw continued selling by foreign investors, said dealers. The rupee opened higher at 41.13 and rose to touch 40.97 on dollar selling. But after the Sensex opened negative, the rupee fell to a low of 41.25 during day trade.

The forex market was closed on Monday on account of a public holiday. “There was both dollar buying and selling, but more buying because of the equity market related outflow,” said a forex dealer with a public sector bank. The discount rate cut by US Fed announced on Friday helped the rupee to some extent, which was reflected in the higher opening, the dealer said. The forward premia did not see much action, with the six-month premium closing at 1.46 per cent (1.3 per cent) and the 12-month at 1.56 per cent (1.48 per cent). –

Our Bureau

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Rupee closes higher

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