Rupee Appreciates Further Tracking Equities

Mumbai: The rupee appreciated further against the dollar tracking the upswing in the domestic stock market. The rupee opened at 40.20 and touched an intra-day high of 40.03. It then fell to end at 40.12, against the previous close at 40.26/27. Nevertheless, the RBI intervened to buy dollars when the rupee touched the intra-day high of 40.03. Market participants expect the rupee to remain rangebound and continue tracking the movement in the stock market. There was a fall in forward premia as exporters were selling and booking profits.