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Mumbai, Aug. 28

The forex market saw dull trade as the rupee traded in a narrow range between 41.08 and 41.17 against the dollar on Tuesday. The rupee opened at 41.10 and closed at 41.16/17 against the previous close of 41.02/03. According to forex dealers, there was dollar demand from oil companies, which led to the decline in the rupee’s value. Banks that had tried to take advantage of arbitrage opportunities in the non-deliverable forwards market, in the last few weeks, were seen buying dollars today, which also led to a fall in the rupee, dealers said. In the forward premia market, the six-month closed at 0.7 per cent (0.96 per cent) and the one-year closed at 0.96 per cent (1.25 per cent). —

Our Bureau

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