The Hindu Business Line : Rupee tad lower

The rupee was flat against the dollar in a market that tracked the movements of the equities for a large part of the day. Dollar buying by oil companies caused the rupee to close lower, said forex dealers. The rupee opened at 40.17 and closed at 40.14, against the previous close of 40.12. It traded in the range of 40.09 and 40.17 during the day.

“The rupee market was reasonably quiet. In the initial part of the day it was lower as there was dollar-buying by oil companies. Later on, the rally in the stock market pushed the rupee to a high of 40.10/12. But as the Sensex closed negative, the rupee moved back to 40.14,” said a forex dealer with a private bank. In the overseas market, the dollar fell against all currencies except the sterling. The euro saw a huge rally against the dollar because the confidence numbers were better than expected and due to statements that there would be no rate cut. The six-month premia closed at 1.74 per cent (1.61 per cent) and the 12-month premia ended at 1.29 per cent (1.23 per cent).

— Our Bureau

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