Date:02/01/2008 URL: http://www.thehindubusinessline.com/2008/01/02/stories/2008010251660600.htm

Back Rupee flat on new year holiday

Mumbai, Jan. 1

The rupee was flat and volumes were low as most of global markets were closed on account of New Year. The rupee opened at 39.42/ 43 and touched a high of 39 before closing at 39.41/42, unchanged from the previous close. "There was hardly any movement in the rupee. Tomorrow there will be more inflows," said a forex dealer with a private bank. In forwards, the sixmonth premia closed at 1.61 per cent (1.62 per cent) and the 12-month closed at 1.25 per cent (1.28 per cent). The dealer said that the rupee is likely to see marginal appreciation in 2008. "But not much appreciation may happen in the short term because of the RBI intervening," said the dealer. In the first six months, the rupee may see levels of 39.5, he added. - Our Burea