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Mumbai, Jan. 25

The rupee closed about 10 paise higher against the dollar on Friday as foreign institutional investors sold dollars and the stock market gained. The rupee opened at 39.39/40 and closed at 39.36/37, against the previous close of 39.46/47. “The spot rupee market saw one way movement throughout. It was a sellers market, though the Reserve Bank of India protected the dollar at various levels,” said a forex dealer with a public sector bank. Most of the selling was b y foreign banks on behalf of FIIs. Due to the one-day bank strike, volumes in the spot market were lower. “Corporate selling was less and so was exporter-importer selling,” the dealer said. In the forward premia market, the six-month premium closed at 2.12 per cent (1.94 per cent) and the 12-month at 1.76 per cent (1.59 per cent). —

Our Bureau

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