In sync with the recovery in stock markets, the Indian rupee on March 11 gained by 3.50 paise to close at 40.45/46 against the greenback. At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed sharply lower at 40.58/59 a dollar against Monday''s close of 40.4850/4950 per dollar.
Forex dealers said the initial weakness in rupee was mainly due to early fall in the benchmark Sensex which fell by nearly 185 points on sluggishness in Asian indices. The rupee premiums on forward dollar ended slightly well on stray paying pressure from banks and corporates. The benchmark six-month forward dollar premiums payable in August ended at 14 - 16 paise, slightly better from 13-1/2 - 15-1/2 paise on Monday and Far-forward maturing in February also edged up at 30 - 32 paise from 29-1/2 - 31-1/2 paise.
Forex dealers said the initial weakness in rupee was mainly due to early fall in the benchmark Sensex which fell by nearly 185 points on sluggishness in Asian indices. The rupee premiums on forward dollar ended slightly well on stray paying pressure from banks and corporates. The benchmark six-month forward dollar premiums payable in August ended at 14 - 16 paise, slightly better from 13-1/2 - 15-1/2 paise on Monday and Far-forward maturing in February also edged up at 30 - 32 paise from 29-1/2 - 31-1/2 paise.
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