Rupee Appreciated Around 20 Paise Against The Dollar - Aug 04 , 2008

The rupee appreciated around 20 paise against the dollar on August 1 due to gains in the domestic equity market and lower oil prices. The rupee opened at 42.56/58 and gained on constant dollar-selling and closed at 48.35/36, against the previous close of 42.5750. The selling in the early part of the day was by foreign banks, while later on public sector banks also began selling dollar. In the forward premia market, the six-month closed at 4.6 per cent (4.73 per cent) and the one-year closed at 3.88 per cent (3.98 per cent).