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Our Bureau

Mumbai, May 14

The rupee strengthened by about 35 paise against the greenback on Monday on sustained selling of dollars by major corporates. The domestic currency closed at 40.88, a dollar, higher than the previous close of 41.23/24. "There was strong FII inflows into the market," said a dealer with a private bank.

The rupee opened at 41.05, which was also the intra-day low, to close at 40.88. Forex dealers expect rupee to trade in the 40.75 - 41 range this week. In forwards, the six-month premia closed at 4.92 per cent (4.42 per cent) while the 12-month ended at 4.25 per cent (3.96 per cent).

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