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The rupee moved in a tight range as there was good dollar demand from oil companies, said dealers. It opened at 45.60 and closed at 45.61, against the previous close of 45.62. During the day it traded between 45.64 and 45.57. “Oil companies were seen bidding aggressively for the dollar. This prevented the rupee from rising despite the domestic equity markets strengthening,” said a dealer with a public sector bank. The worry for the market is that if oil prices continue to remain high, then the country's imports will rise and the current deficit will widen further, the dealer added.
In the overseas market the euro too was range-bound against the dollar. In the forward premia market, the six-month closed at 6.39 per cent (6.54 per cent) and the one-year at 5.97 per cent (6 per cent).
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