Rupee ends strong
By TNN |
Highlights
The rupee on Tuesday ended at 44.2050/22 per dollar, a tad stronger than Monday's close of 44.2325/2425 levels. The local currency remained range-bound for most part of the day as traders looked for fresh clues on direction, but kept a watchful eye on the central bank for signs of intervention.
The central bank had intervened heavily in February, when the rupee rose to near 44, in part to ensure a stronger local currency does not hurt exports.
According to a report published by Lehmann Brothers, strong capital inflows will help the rupee rise to 43 by the end of 2007. Forward premia inched up sharply, with the yield on the one-month contract closing at 4.55% (4.12%).
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
