The Hindu Business Line : Rupee gains 12 paise

The rupee appreciated by around 12 paise against the dollar on Friday on account of the gains in the stock market However, the rising oil prices and the high inflation figures are still exerting pressure on the rupee. The domestic currency opened at 43.23/25 and ended the day at 43.15/16, against the previous close of 43.28.

"Today's stock market gains are short -lived. With oil hovering around $145 for a barrel and inflation at 11.63 per cent, the sentiment is not in favour of the rupee," said a forex dealer with a private bank. In the global market the dollar gained against other major currencies. The rupee is expected to be in the 43-43.40 range in the next week, he added.

In the forward market, the 6-month premium closed at 4.50 per cent (4.54) and the 12-month ended at 3.96 per cent (4.01). - Our Bureau

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