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Our Bureau

Mumbai, Sept 5

The rupee gained against the dollar on Tuesday on custodial selling by some foreign banks and flow of foreign funds into the equities. It also tracked the movement of yen against the dollar.

"The yen strengthened against the dollar and the rupee tracked the Japanese currency," said a dealer at a private bank. The rupee opened at 46.31/32, touched an intra-day high of 46.23/24, before closing at 46.28. On Monday, the domestic currency closed at 46.34/35. The continued flow of foreign funds into equities and hopes of more investments in the coming days strengthened the rupee, the dealer said. Some exporters were also seen in the market selling dollars, impacting the rupee, he added.

In forwards, the six-month premium ended at 1.29 per cent (1.37 per cent) and the 12-month premium at 1.33 per cent (1.39 per cent).

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Rupee strengthens against dollar

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