The Hindu Business Line : Rupee gains by 20 paise

The rupee gained by around 20 paise against the dollar breaking the week-long losing streak. The domestic currency opened at 43.73/74 and weakened to touch an intra-day low 43.77/78. It recovered to close at 42.51/52, against the previous close of 43.70/72. Dollar weakened against other major currencies in the global markets on account of profit taking. This pulled the rupee up, said a dealer with a private bank.

There were also rumours of a huge inward remittance of $300 million to a company, which eased the demand for dollars, added the dealer.

Another forex dealer said the rupee appreciating against the greenback was a corrective action. In the forward market, the 6-month premium closed substantially higher at 3.89 per cent (3.02) and the 12-month ended at 3.11 per cent (2.60).

— Our Bureau

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