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Mumbai, Jan. 3

The rupee strengthened by three paise against the greenback on Thursday on dollar selling by some foreign banks. The home currency closed at 39.40/41, up from the previous close of 39.43/44. The rupee opened at 39.46/48 and after remaining rangebound during the larger part of the day, it went up to 39.3750/3850. “The yen had started appreciating against the dollar and this prompted foreign banks to sell dollars. There was also some profit-taking seen during the day w hich strengthened the rupee to some extent,” said a dealer at a private bank. Foreign exchange dealers expect the rupee to trade in the 39.35-39.45 range. In forwards, the six-month premia closed at 1.61 per cent (1.50 per cent) and the 12-month closed at 1.24 per cent (1.14 per cent).

— Our Bureau

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Rupee rises on dollar weakness

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