Date:20/01/2007 URL: http://www.thehindubusinessline.com/2007/01/20/stories/2007012003540600.htm

Back Rupee gains marginally

Our Bureau

Mumbai, Jan. 19

Heavy selling of dollars by exporters strengthened the rupee by almost four paise on Friday. Dealers said there could have been RBI intervention in the market as nationalised banks were selling dollars. The currency opened at 44.30 and touched an intra day high of 44.26 to finally close at 44.27, against Thursday's close of 44.31. "At these levels, it was likely that exporters were selling dollars," said a dealer at a private bank.

Rupee also tracked yen's movement against the dollar, he said. Dealers said the rupee is likely to trade in the range of 44.20-44.40 next week. The six-month forward premia closed at 3.67 per cent (3.51 per cent) and the one-year closed at 3.14 per cent (2.97 per cent).