Date:27/10/2007 URL: http://www.thehindubusinessline.com/2007/10/27/stories/2007102751540600.htm

Back Rupee gains 10 paise

Mumbai, Oct. 26

The rupee gained about 10 paise against the dollar on Friday as it mirrored the movement of the stock market. It opened at 39.50 and closed at 39.45 against the previous close of 39.55/56. “The rupee has been tracking the domestic equity market for the past few days now. In the next week too, the rupee is likely to reflect the stock market with the central bank continuing to intervene in order to prevent sharp appreciation,” said the chief forex dealer with a private bank. The forward premia too were fairly range-bound, with the six-month closing at 1.16 per cent (1.2 per cent) and the 12-month closing at 1.08 per cent (1.1 per cent).

— Our Bureau