The Hindu Business Line : Rupee gains on dollar selling

The rupee gained 16 paise against the dollar tracking the movement in the domestic stock market. The home currency opened the day at 40.42 and started strengthening gradually thereafter to close at 40.26/27 on Monday, up from the previous close of 40.42/43. "There was good dollar selling by banks and exporters which also helped the rupee to appreciate," said a dealer at a private bank. Foreign exchange dealers said that the rupee would weaken and trade in the 40.30- 40.50 range this week. In forwards, the six-month premia closed at 1.72 per cent (1.69 per cent) and the 12-month closed at 1.27 per cent (1.25 per cent). - Our Bureau

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