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Mumbai, Dec 20

The rupee was rangebound between 39.51 and 39.60 as there was good two-way movement. It opened stronger at 39.55 and closed at 39.54/55, about 4 paise higher than the previous close of 39.59/60. “Good amount of ECB inflows pushed the rupee up to 39.51 during the day. But there was sustained buying at these levels due to which the rupee touched a low of 39.59,” said a forex dealer with a private bank. Several corporates were seen buying dollars to meet their oil demand, said the dealer. In the overseas market, the dollar gained against other currencies such as the euro and yen. In the forward premia, the six-month closed at 1.53 (1.64 per cent) and the 12-month at 1.15 per cent (1.2 per cent). Next week, the rupee is likely to remain on the weaker side. It may trade between 39.50 and 39.75 band, the dealer said. “The rupee is unlikely to cross 39.50 on the higher side and 39.75 on the lower end as there could be exporters selling at that level,” the dealer said.

— Our Bureau

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