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Mumbai, Sept 11

The rupee appreciated by around 10 paise against the greenback on Tuesday as banks were selling dollars. The currency opened at 40.60/62 and closed at 40.56, against Monday's close at 40.66/67. Dealers said the rupee appreciated during the day to 40.55 but trimmed its gains as there was some oil-related dollar buying. It closed stronger as banks began selling dollars.

"Globally, the dollar has taken a beating against all the other major currencies as the view that US Fed will cut interest rates is gaining ground. The rupee is likely to stay within the range of 40.50 to 40.65," said a dealer at a private bank. In the forward market, the 6 month closed 1.58 per cent (1.30 per cent) and the 12 month ended at 1.71 per cent (1.48 per cent). - Our Bureau

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Rupee gains 10 paise

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