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Our Bureau

Mumbai, April 20

The rupee strengthened by around 31 paise against the greenback and closed at a nine-year high of 41.76/77 on Friday against the previous close of 42.07. "Banks were running short of cash and were seen selling dollars against rupees, " said a dealer with a private bank.

The currency opened at 42.05 and weakened to an intra-day low of 42.15 on banks' buying dollars on behalf of oil companies, before closing at 41.76. Inflation is at 6.09 per cent against the previous week's 5.79 per cent. Dealers are expecting the Reserve Bank of India to raise rates, which will result in a cash crunch for banks, prompting them to buy dollars. In the forwards, the six-month premia closed at 6.54 per cent (6.10 per cent) and the 12-month closed at 4.88 per cent (4.68 per cent).

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