Business Daily from THE HINDU group of publications
Wednesday, Dec 05, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Dec 05, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Rupee firmer Mumbai, Dec. 4 The rupee strengthened by seven paise against the greenback on Tuesday. The home currency opened at 39.43/45 and after remaining range-bound throughout the day, closed at 39.42/43, up from the previous close of 39.50. Foreign exchange dealers said that there was some dollar selling by some foreign banks. But, the rupee could not strengthen further as the central bank was constantly intervening in the market. Dealers said that the rupee could trade in the range of 39.35-39.50 in the forthcoming days. "As soon as the rupee falls to 39.55-39.60, there will be dollar selling which will help the rupee gain strength," said a dealer with a private bank. In forwards, the six-month premium closed at 1.34 per cent (1.17 per cent) and the 12-month at 1.07 per cent (0.95 per cent). - Our Bureau
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