FOREX REPORT
The spot rupee strengthened from it's previous close following dollar sales. The rupee closed at 43.39 as compared with a close of 43.42 on Tuesday. Forward premiums continued to remain range-bound for the day.
The rupee opened at higher levels. Dollar sales were seen in the market and the rupee rose to a high of 43.39 for the day.
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Dealers said that a couple of large nationalised banks had been buying dollars on behalf of oil companies.
The rupee strengthened as the demand was satisfied and also as banks did sell/buy swaps in the market - selling dollars for repurchase tomorrow to take advantage of the shifting of the spot date over the weekend.
Forward premiums closed at about the same