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Mumbai, Sept. 10

The rupee strengthened by about three paise against the greenback on Monday tracking the gain in the Indian stock market. The home currency saw a two-way movement: it opened at 40.75, saw an intra-day low of 40.78 and a high of 40.60/61 before ending the day at 40.66/67, up from the previous close of 40.66/67. “Some nationalised banks were seen buying dollars at 40.60/61 levels, which pushed the rupee up to the close of 40.66/67,” said a dealer with a private b ank. Dealers felt that the sentiment for rupee would continue to remain bullish and it might strengthen further to 40.50 level, in the absence of the Reserve Bank of India’s intervention in the market. In forwards, the six-month premia closed at 1.30 per cent (1.29 per cent) and the 12-month closed at 1.48 per cent (1.44 per cent). —

Our Bureau

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Rupee strengthens

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