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Rupee gains slightly

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Our Bureau

Mumbai, June 4

The rupee slightly appreciated on Monday against the greenback on the back of dollar inflows. The domestic currency opened at 40.50/52, touched an intra day high of 40.45/46 but fell to finally end the day at 40.53/54, against Friday's close of 40.55/56. "Dollar inflows during the day buoyed the rupee but the central bank stepped in to stem the gains," said a dealer at a private bank.

Market participants said that with IPO related inflows expected in the forex market, the rupee is likely to appreciate further. In forwards, the six-month premium closed at 2.33 per cent (2.58 per cent) and the 12-month ended at 2.51 per cent (2.73 per cent).

(This article was published in the Business Line print edition dated June 5, 2007)
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