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Mumbai, Oct 8

The rupee was almost flat against the dollar on Monday as the Reserve Bank of India intervened to rein in the appreciating home currency. The rupee opened at 39.41/43, touched an intra- day high of 39.38. It then slumped to end at 39.45/46, against Friday’s close at 39.47/48. “The rupee may continue to be range-bound as an appreciating home currency remains a concern for the RBI,” said a dealer at a private bank. It was a holiday in New York on Monday so traders expect to see good dollar demand on Tuesday.

In the forward premia market, the 6-month closed at 1.03 per cent (1.10) and the 12- month at 0.98 per cent (1.09). The parity between the 6 month and the 12 month premia indicates that the outlook on the rupee remains bullish and traders are unwilling to bet on a strong dollar even after a year, market participants said. –

Our Bureau

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