The Hindu Business Line : Rupee up by 30 paise

Mumbai, July 2 The rupee appreciated by around 30 paise against the dollar on Wednesday as it tracked the 700-point upswing in the domestic stock market. The local currency opened at 43.35/36 and rose during the day to end at 43.17, against the previous close at 43.47.

Dealers said that the rupee initially fell to 43.38 but recovered as the stock market started gaining. "Foreign banks were selling dollars today and there seemed to be no Non-Deliverable Forward market related buying here. There were also rumours that the RBI was selling dollars in the market," said a dealer at a private bank.Market participants said that the rupee could range between 43.20 and 43.50 and would continue to track the stock market as well as the soaring global oil prices.

In the forward market, the 6 month premium eased slightly to close at 4.94 per cent (5.47) and the 12 month ended at 4.24 per cent (4.57). - Our Bureau

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