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Our Bureau

Mumbai, May 18

The rupee strengthened by about 14 paise against the greenback on Friday. A major reason of today's appreciation of the rupee, according to dealers, is the announcement of the China's central bank that it would be widening the daily trading band of yuan against dollar by 0.5 per cent (against 0.3 per cent) effective May 21. " A strong Chinese yuan may strengthen the yen which might lead to further strengthening of the rupee," said a dealer with a private bank.

The home currency closed at 40.71/72, up from the previous close of 40.85/87. The rupee opened at 40.89/90 and saw an intra-day low of 40.92 before closing at 40.71/72. Market participants expect the rupee to trade in the 40.50 - 41 range in the coming week. In forwards, the six-month premia closed at 4.51 per cent (4.52 per cent) and the 12-month ended at 3.97 per cent (3.97 per cent).

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