The Hindu Business Line : Rupee range-bound

The rupee was range-bound against the dollar on Wednesday and closed flat. However, overall sentiments were positive, as the domestic stock market was positive. There were more dollar sellers than buyers, said a forex dealer with a private bank. The rupee opened at 40.30/32 and touched a low of 40.35/36. Selling of dollars by foreign banks then pushed the rupee up to 40.22/23. At these levels there was some buying by oil companies and corporates, which brought the rupee do wn to 40.22/23. It finally closed at 40.29.30 against the previous close of 40.38. In the overseas market, the dollar gained slightly against other currencies such as yen, euro and sterling. In the forward market, the six-month dollar was at a discount of 0.14 per cent (-0.36 per cent) and the 12-month premia was at 0.23 per cent (0.11 per cent). The cash dollar has eased a bit, the dealer said.

— Our Bureau

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