The Hindu Business Line : Rupee gains in dull trade

It was a dull day for the rupee, which was range-bound between 39.91 and 39.92 for most part of the day. The rupee closed about six paise against the dollar, as the cash-dollar shortage eased, said forex dealers. The rupee opened at 39.92/ 93 and touched a low of 39.95. However, it recovered to close at 39.90/ 91, against the previous close of 39.96/97.

A forex dealer with a private bank said that there was good exporter selling, which helped the cashdollar shortage ease. There was FII selling also, though at a much lower rate. While the rupee has the potential to appreciate, it is unlikely to do so, as long as the Reserve Bank of India, the dealer said.

The central bank was active both in the spot and the forward premia market. In the forward market, the six-month premium closed at 0.8 per cent (0.29 per cent) and the 12-month closed at 0.78 per cent (0.51 per cent). - Our Bureau

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