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Mumbai, April 22

The rupee was range-bound against the dollar on Tuesday as banks were wary of taking positions ahead of the monetary policy. Dealers said that there was hardly any action in the spot market. The rupee opened at 39.94/95 and closed at 39.95/96, the same as the previous close. The range-bound movement also seems to indicate intervention by the central bank in order to check the appreciation of the rupee, said dealers. “Nobody was willing to sell dollars at less than 39 .90. In the Indian market, dollar is still at a premium,” said a forex dealer with a private bank. In the overseas market the action has moved to the euro, said the dealer.

In the forward premia, the six-month premium closed at 2.86 per cent (3.09 per cent) and the 12-month at 2.26 per cent (2.38 per cent).

— Our Bureau

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Rupee range-bound

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