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Mumbai, Oct 23

The rupee closed higher as it tracked the domestic stock market, which closed almost 900 points higher. The rupee opened 10 paise higher at 39.78 and closed at 39.5950/60, about 18 paise higher from the previous close of 39.88. A forex dealer with a private bank said that the strong FII inflows were the reason for the rupee’s strengthening. In the overseas market the dollar strengthened against other currencies like euro, pound and yen, during the day. But it weakene d later after the New York market opened. There was also considerable action seen in cross currencies like the euro and Australian dollar as there was some talk of a German company taking over an Australian company, said the dealer. In the forward premia market the 6-month premium closed at 0.94 per cent (0.6 per cent) and the 12-month closed at 0.87 per cent (0.67 per cent).

— Our Bureau

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