Rupee Depreciates By 3-4 Paise Against Dollar

The rupee depreciated by around three to four paise on the RBI intervention in the forex market on May 24. The home currency opened at 40.53/55, traded in a range of 40.53-40.61 and finally closed at 40.60/61 against the previous close of 40.57/58 on May 23. Dealers said the rupee is likely to trade in the 40.55-40.75 range in the next 10 days. In forwards, the six-month premia closed at 4.28 per cent (4.41 per cent) and the 12-month ended at 3.7 per cent (3.8 per cent).