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Mumbai, Oct. 10

The rupee gained against the dollar on Wednesday as it continued to follow the stock market’s upward movement. Though dollar inflows were heavy, they were absorbed during the day as there was good dollar support from the central bank, said a forex dealer with a private bank. The rupee opened at 39.30/32 and traded between 39.30 and 39.34 for most of the day. It closed at 39.31/32, against Tuesday’s close of 39.44. “The dollar inflows were all stock market -related, but nationalised banks were buying dollars for most of the day,” said the dealer. The forward premia shot up sharply with the six-month closing at 1.49 per cent (1.08 per cent) and the 12-month at 1.2 per cent (1.01 per cent). —

Our Bureau

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