Rupee Appreciates By 5 Paise

The rupee appreciated by 5 paise against the greenback on July 2 backed by good dollar supplies into the market. The home currency opened at 40.66/67, saw an intra-day high of 40.62 before closing the day at 40.65/66. There has been reasonably good supplies throughout the day. RBI was not seen in the market. Market participants expect the rupee to trade in the 40.50-40.85 range. In forwards, the six-mo nth premia closed at 2.07 per cent (2.53 per cent) while the 12-month closed at 2.26 per cent (2.57 per cent).