Rupee Appreciates Tad Against Dollar

The rupee appreciated a tad against the dollar on August 29 buoyed by the upswing in the stock market. The currency opened weak at 41.35/37 but gained during the day to close at 41.10/11, against the previous close at 41.16/17. The rupee also gained on sustained dollar selling by foreign and private banks. The appreciation of the rupee was surprising as there is a lot of month-end dollar demand. In the forwar d premia market, the six month closed at 1.07 per cent (0.70 per cent) and the 12 month ended at 1.15 per cent (0.96 per cent).

Source : www.indian-commodity.com