The Hindu Business Line : Rupee strengthens against dollar

The rupee strengthened against the dollar on Wednesday tracking the rise in the domestic stock market. The domestic currency opened at Rs 39.75, stronger than its previous close at Rs 40.16. The rupee was volatile during the day, touching an intraday high of Rs 39.8750 and a low of Rs 40.03. It ended the day at Rs 39.98. Dealers said that foreign banks were seen selling dollars. However, public sector banks possibly on behalf of the Reserve Bank of India bought dollars and trimmed the gains made by the rupee. "The RBI is likely to protect the rupee at Rs 39.75. The domestic currency is, however, may not depreciate beyond Rs 40.20," said a dealer at a private bank. In the forward market, the six-month premium closed at 2.41 per cent (2.41) and the 12-month ended at 1.71 per cent (1.70). - Our Bureau

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