The Hindu Business Line : Rupee firms up by 17 paise

The rupee appreciated by 17 paise against the dollar on Wednesday and even went below the level of 42 briefly, due to dollar selling by big corporate houses. The currency opened higher at 42.05/06 and closed at 42.07/08, against the previous close of 42.24/25. Big corporate houses were selling dollars which pulled the rupee up to its intra-day high of 41.93, said a dealer with a private bank. But corporates resorted to buying dollars in the last half hour of trade, he added. Another dealer said the rupee tracked the stock market movements and fell after the Sensex shed some of its gains. In the forward market, the 6-month premium closed higher at 4.49 per cent (3.93) and the 12-month ended at 3.58 per cent (3.23). - Our Bureau

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