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Mumbai, Nov. 21

The rupee gained about 17 paise against the dollar on Friday due to selling of dollars by foreign banks as they unwound their long positions. Dollar selling by the central bank was only to a limited extent, said forex dealers. The currency opened at 50.55 and gained to 50.30/32 as the RBI sold dollars. The rupee ended trade at 50.03/05, against the previous close of 50.20 “The level of 50 is here to stay. On the upside, the rupee should be capped at 50.50,” sai d a forex dealer with a private bank. The forward premia moved up slightly, with the six-month closing at 2.61 per cent and the 12-month at 1.79 per cent.

— Our Bureau

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