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Our Bureau

Mumbai, May 31

The rupee strengthened by about 25 paise against the greenback owing to strong inflows into market. "There was good dollar supplies throughout the day," said a dealer with a private bank. The domestic currency opened at 40.83/85. Strong inflows coupled with the absence of Reserve Bank of India in the market helped appreciate the rupee which closed at 40.61 up from the previous day's close of 40.86. Market participants feel that the home currency would appreciate further to 40.50 this week. In forwards, the six-month premia closed at 2.62 per cent (2.07 per cent) while the 12-month ended at 2.74 per cent (2.48 per cent).

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