Ruppe Ends At 43.30 Against Dollar - July 8, 2008

The rupee closed about 30 paise lower against the dollar on July 7. The rupee opened at 43.13/ 15 and reached a high of 43.09/10, before closing at 43.29/30, against the previous close of 43.15/16. Nationalised banks were seen selling dollars when the rupee was around 43.30, perhaps on the instruction of the RBI. The forward premia eased, with the six-month closing at 4.52 per cent (4.50 per cent) and the 12-month at 3.95 per cent (4.01 per cent).