Rupee Gains 27 Paise Against Dollar - Aug 14 , 2008

The rupee gained by 27 paise against the greenback on August 13 because of sustained demand for dollars from corporates. The domestic currency opened weaker at 42.56/58 and fell further to touch an intra-day low 42.77/78. The rupee closed at 42.64/65, against the previous close of 42.37/38. Dollar-buying by big corporate houses and the 119-point fall in the Sensex pulled the rupee down to its day''s low. The rupee partially recovered after the two foreign banks were seen selling dollars, added the dealer. The global strengthening of the dollar against other major currencies is likely to adversely impact the rupee as well. In the forward market, the 6-month premium closed marginally lower at 4.20 per cent (4.26) and the 12-month ended at 3.36 per cent (3.40).