Re Ends Higher At 40.52/$

Mumbai: The rupee strengthened by about 7 paise against the greenback to close at 40.51/52 on May 28, down from the previous close of 40.5850/5950. The domestic currency jumped intra-day to a nine-year high of 40.28 driven by strong FII inflows in the market. It opened at 40.53/55 and witnessed a high of 40.28 but quickly declined from the position due to suspected RBI intervention in the market. In forwards, the six-month premia closed at 3.18 per cent (4.23 per cent) while the 12-month closed at 3.09 per cent (3.7 per cent).