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Mumbai, Sept 13

The rupee remained largely range-bound throughout the day and closed at 40.45/46, one paise up from the previous close of 40.44/45. The currency opened at 40.41/43 and moved in the range of 40.42-40.44 during the major part of the day before closing at 40.45/46. Market participants felt that the Reserve Bank of India was intervening at 40.42/43 levels in order to cap the appreciation of the rupee. “There will be a cash crunch following the advance tax outflows next w eek,” said a dealer with a private bank. He felt that the RBI would therefore try to intervene in order to prevent the appreciation of rupee. Dealers expect the rupee to appreciate to 40.25 levels. In forwards, the six-month premia closed at 1.72 per cent (1.60 per cent) and the 12-month closed at 1.77 per cent (1.70 per cent).

— Our Bureau

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