The Hindu Business Line : Rupee gains in see-saw trade

The rupee saw volatile movement during the day, but however ended range-bound on Friday. The home currency ended just two paise stronger than the previous close backed by the bullish sentiments in the market. The rupee opened at 40.46/48 and saw an intra-day low of 40.57/58 and a high of 40.37/38 before ending the day at 40.44/45, slightly up from the previous close of 40.46/47. "The rupee fell to a low of 40.57/58 on dollar buying from all quarters, it, however, gained due to the bullish sentiments in the stock market," said a dealer at a private bank. There was dollar inflows related to Gammon IPO into the domestic stock market, which helped to stem the rupee rise, said dealers. Foreign exchange dealers said that the rupee would however weaken and trade in the range of 40.70-40.80 next week. In forwards, the six-month premia closed at 1.37 per cent (1.25 per cent) and the 12-month closed at 1.07 per cent (1.02 per cent). - Our Bureau

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