Rupee Continued To Be Gaining Against The Dollar - May 22, 2009

The rupee continued to be gaining against the dollar on the back of inflows from foreign investors and domestic companies. The rupee opened at 47.50 and closed at 47.40, as against the previous close of 47.48. In the overseas market, the dollar was weak against other currencies in the initial session but later started strengthening against the pound.

Moreover, in the forward premia market, there was movement of barely 2 paise, with the six-month closing at 2.90 per cent (2.88 per cent) and the one-year at 2.35 per cent (2.36 per cent).