Rupee closes strong
The rupee on Tuesday closed high at 44.38/39 against the dollar compared with the previous close of 44.48/49.
By TNN |
The rupee on Tuesday closed high at 44.38/39 against the dollar compared with the previous close of 44.48/49. The currency opened at 44.43/45 vis-a-vis the greenback, but weakened to touch a low of 44.50/51.
Treasury managers said PSBs were inactive and there was no intervention from RBI. However, MNC banks were seen purchasing the greenback till it rose to 44.50/51 levels.
The rupee came off its intra-day lows on account of expectations that there could be robust foreign fund inflows into the equity market in the coming weeks and falling oil prices, traders said. Forward premiums fell sharply, with the yield on the one-month premiums closing at 4.19% (4.73%).
Also, the premium on the six-month contract ended at 3.49% (3.70%), while that on the one-year premium ended at 2.91% (3.04%).
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