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Our Bureau

Mumbai, June 18

The rupee strengthened by about 10 paise against the greenback on Monday backed by strong inflows into the market. Rupee closed at 40.77/78, up from the previous close of 40.87. The home currency opened at 40.76 and saw an intra-day high of 40.71 before ending the day at 40.77/78. "The RBI was seen buying dollars through the state-run banks around the 40.71 levels to cap the further appreciation of rupee," said a dealer with a private bank. Market participants expect the domestic currency to trade in the range of 40.50-40.90.

In forwards, the six-month premia closed at 2.93 per cent (3.14 per cent) while the 12-month closed at 2.82 per cent (2.88 per cent).

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