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Mumbai, Oct. 12

It was a volatile day for rupee on Friday. The home currency weakened by about five paise against the greenback and closed at 39.36/37, down from the previous close of 39.30/31. The rupee opened at 39.29/31 levels and then rallied to 39.45 on statements made by the Finance Minister, P. Chidambaram. Stating that the rupee value is being fuelled by steep inflows of foreign funds, he said: “The rupee is in a zone which is not (a) comfort zone at the moment. We are const antly monitoring the situation. We must find ways to manage competitive exchange rate without hurting investments.” The rupee also fell tracking the weakness in the domestic stock markets. Foreign exchange dealers said that the movement of rupee on Monday would depend on how the Asian stock markets perform. Market participants however anticipate the rupee to strengthen further. In forwards, the six-month premia closed at 1.84 per cent (1.75 per cent) and the 12-month closed at 1.39 per cent (1.36 per cent). —

Our Bureau

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