Rupee Remains Range-Bound

Mumbai: The rupee was mostly range-bound throughout the day and closed at 40.45/46, one paise up from the previous close of 40.44/45. The home currency opened at 40.41/43 and moved in the range of 40.42-40.44 during the major part of the day before closing at 40.45/46. Market participants felt that the Reserve Bank of India was intervening at 40.42/43 levels in order to cap the appreciation of the rupee. Dealers expect the rupee to appreciate to 40.25 levels. In forwards, the six-month premia closed at 1.72 per cent (1.60 per cent) and the 12-month closed at 1.77 per cent (1.70 per cent).