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Mumbai, Nov. 2

The rupee closed unchanged at 39.30/31 against the previous close of 39.31, although it was volatile during the day. It opened lower at 39.40/42 and fell to 39.43. There was dollar selling at this level, which helped the rupee gain.

“The rupee moved in tandem with the Sensex, which also opened 360 points lower but ended 250 points higher,” said a forex dealer with a private bank. Today’s dollar selling was mostly by foreign banks which indicate that FIIs bought shares in the domestic equity market, he added. The rise in oil prices did not impact the rupee much. Oil companies were seen buying dollars when the rupee touched 39.38/39. There was some paying seen in the forward premia because the rupee is strengthening, the dealer said. The six-month premia closed at 1.37 per cent (1.45 per cent) and the 12-month closed at 1.10 per cent (1.20 per cent).

— Our Bureau

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