Date:03/03/2006 URL: http://www.thehindubusinessline.com/2006/03/03/stories/2006030303020600.htm

Back Rupee firm against dollar

Our Bureau

Mumbai , March 2

The rupee was almost flat against the greenback on Thursday as public sector banks (PSBs) were mopping up the dollar inflows into the market.

The domestic currency opened at 44.37/39 and moved between 44.33 and 44.35 during the day before closing at 44.37/38, almost the same level as Wednesday's 44.38.

Dealers said that while there were FII dollar inflows into the forex market, nationalised banks were buying the greenback.

"The rupee should range between 44.20-44.40 but the outlook is largely bullish on the rupee buoyed by the strength of other Asian currencies such as the yen," the dealer added.

In the forward premia market, the six-month closed at 2.32 per cent while the 12-month ended at 1.83 per cent.