Rupee Ends At 43.27 Against Dollar - July 9, 2008

The rupee appreciated slightly against the dollar on July 8 after the stock markets recovered some of the initial losses. The domestic currency opened at 43.33/34 and reached an intra day low of 43.41/42. It closed at 43.26/27, against the previous close of 43.29/30. Banks began selling dollars when the rupee touched 43.40, seemingly on instructions from the Reserve Bank of India. In the forward market, the 6-month premium closed at 4.23 per cent (4.52) and the 12-month ended at 3.75 per cent (3.95).