Rupee Appreciates 5 Paise Against Dollar

Mumbai: The rupee improved by about five paise against the greenback on July 19 backed by strong dollar supplies into the domestic market. Rupee closed at 40.35/36, up from the previous close of 40.40/41. It opened at 40.38/40 and saw a high of 40.35 but immediately slipped to 40.42 levels due to dollar buying by a few nationalised banks, before ending the day at 40.35/36. Market participants expect the rupee to strengthen to 40.33 levels. In forwards, the six-mon th premia closed at 1.64 per cent (1.18 per cent) while the 12-month premia closed at 1.77 per cent (1.57 per cent).