Rupee gains 10 paise

	Financial Daily from THE HINDU group of publications Tuesday, August 29, 2000

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Rupee gains 10 paise

Our Bureau

MUMBAI, Aug. 28

THE rupee bounced back today by approximately 10 paise to close at 45.77/78 as against Friday's close of 45.85/87.

Dealers attributed the recovery to sustained dollar selling in the market today. ``The market saw a lot of selling today from PSUs, exporters and foreign banks who may have been selling on behalf of FIIs. Today, for a change, it seemed as if the dollar s upply was more than the demand'', said a dealer with a private sector bank.

The rupee opened at a low of 45.85/88 but recovered steadily through the day. ``The corporate demand for the dollar seems to have been met. But the extent of the rupee recovery will depend on how much support the RBI will provide in the future'', accordi ng to a dealer with a foreign bank.

The forward premium for six months softened to 5 per cent as against Friday's 5.3 per cent and the 12-month forward premium was 4.5 per cent (4.6 per cent).