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Our Bureau

Mumbai, March 8

The rupee gained by around 20 paise against the greenback tracking the surge in the domestic stock market. The domestic currency opened at 44.50/52 and touched an intra-day low of 44.57/58. It finally closed the day at 44.33/34 against Wednesday's 44.50/51. Dealers said the home currency was closely following the movements on the Bombay Stock Exchange. "The co-relation between the rupee and the stock market is now very strong, which is why the 520 points gain at the BSE aided the 20 paise jump in the domestic currency," said a dealer at a private bank. Market participants said foreign banks were selling dollars during the day. If the upturn in the stock market continues, the rupee could appreciate to 44.25, said traders. In forwards, the 6-month closed at 3.17 per cent (2.97 per cent) and the 12- month ended at 3.03 per cent (2.91).

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