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 Money & Banking - Forex
Rupee steady against dollar

Mumbai, Jan. 8

The rupee gained one paise against the greenback on Tuesday. The home currency opened at 39.24/26 and saw an intra-day high of 39.22 before ending the day at 39.28, marginally up from the previous close of 39.29/30. Foreign exchange dealers said that the rupee's appreciation was halted because the central bank started buying dollars through state-run banks. "The rupee will continue to strengthen; however, it will be more moderate as the Reserve Bank of India might not want a sudden and sharp rise in the home currency," said a dealer at a private bank. In forwards, the six-month premia closed at 1.48 per cent (1.50 per cent) and the 12-month closed at 1.23 per cent (1.23 per cent). - Our Bureau

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