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Mumbai, Sept. 22

The rupee failed to hold on to intra-day gains against the dollar on Monday but closed tad firmer tracking the stock market movement. Volumes in the foreign currency market were also thin, said dealers. But the injection of liquidity by central banks globally helped the market sentiment, said forex dealers.

The rupee opened at 45.55 and touched a high of 45.22/23. It, however, closed lower at 45.44/45, against Friday's close of 45.83.

According to a forex dealer with a public sector bank, the rupee may hover between 45 and 46 and is not likely to cross 46. "The `verbal tonic' by the Reserve Bank of India last week also helped the rupee recover,'' he said. Last week, the RBI had said it would continue to intervene directly in the foreign exchange market to meet demandsupply mismatches.

In the forward premia market the six-month closed at 1.66 per cent (1.38 per cent) and the 12-month at 1.38 per cent (1.15 per cent). - Our Bureau

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