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Mumbai, Aug. 22

The rupee ended firm against the dollar on Wednesday because the dollar supply outstripped demand. The rupee movement also tracked the stock market, which closed higher. The rupee opened at 41.05/06 and closed at 40.90, about 18 paise up from the previous close of 41.08/09. A forex dealer with a private bank said exporters sold dollars at higher levels, which helped the rupee gain. "The `risk aversion' attitude seems to have cooled off," he said.

Sentiments in the forex market were also helped by the positive gains made by equity markets across the globe, the dealer added. The dollar saw subdued range-bound trade against overseas currencies like euro and pound, which gained against the US currency.

In the forwards market, the six-month premium closed at 1.58 per cent (1.46 per cent) and the one-year closed at 1.62 per cent (1.56 per cent). - Our Bureau

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