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Mumbai, Sept. 4

The rupee appreciated against the dollar on the back of foreign institutional investor inflows. The domestic currency opened at 44.45 and fell to 44.54. It then rose to 44.21 and finally ended the day at 44.35/36, against the previous close at 44.43/44. Forex dealers said that FII inflows pushed up the rupee to touch its intra day high. However, dollar-buying by oil companies as well as banks led to the partial trimming of the gains made by the rupee. “As the price o f global crude climbed to $110 per barrel, there was dollar demand seen from oil companies and other importers. Banks were also buying dollars to book profits,” said a dealer at a private bank. In the forward market, the 6 month premium closed at 2.63 per cent (2.27 per cent) and the 12 month ended at 2.46 per cent (2.27 per cent).

— Our Bureau

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