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Mumbai, Nov. 21

The rupee moved in a narrow range against the US dollar and ended lower at 39.38/39 against the previous close of 39.36/37. The domestic currency had opened at 39.36/37 and touched a low of 39.42 during the day trade. A forex dealer with a private bank said the fall in the domestic stock market did not affect the rupee. “It looks like the stock market fall was not because of FII sell-off. If it were so, the rupee should have moved by 10-15 points,” he said. The re was some dollar selling by one or two banks, namely ICICI Bank and HSBC, he added. Other global currencies such as euro and pound opened strong against the dollar but weakened during the day, due to profit taking. “Typically, the rupee also should have seen this kind of volatility, but it did not,” the dealer added. In the forward market, the six-month premium closed at 1.68 per cent (1.61 per cent) and 12-month premium closed at 1.25 per cent (1.28 per cent). —

Our Bureau

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