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Mumbai, May 5

The rupee was flat as demand for the dollar matched supplies. The rupee opened weaker at 40.64/65 and touched a high of 40.52 in day trade, as the domestic stock markets gained. However, dollar buying by nationalised banks pushed the rupee down and it closed at 40.61/62, slightly higher than Friday’s close of 40.64. Importers, too, were seen buying dollars. “Some nationalised banks were seen buying dollars either on behalf of oil companies or the RBI. That prev ented the rupee from gaining beyond the level of 40.52,” said a forex dealer with a private bank. The rupee may trade between 40.50-40.65 level this week, he added. The dollar did not see much movement against other currencies like euro and pound, despite positive US payroll data. In the forward premia market the six –month closed at 1.74 per cent (1.94 per cent) and the 12-months closed at 1.54 per cent (1.61 per cent).

— Our Bureau

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