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Our Bureau

Mumbai, July 24

The rupee was largely range-bound against the US dollar on Monday, but ended lower as exporters booked profits. Oil-related dollar demand also kept the rupee under pressure, said dealers. The rupee opened lower at 46.85/86 and touched 46.98 on dollar buying. It recovered towards the close due to intervention by the Reserve Bank of India, said dealers.

The rupee finally ended at 46.91/92 against Friday's close of 46.76/77. "Most traders are waiting for tomorrow's quarterly monetary review. A 25-basis point hike has been factored in,'' said a dealer with a public sector bank. The spot rupee is likely to open lower on Tuesday and may cross 47 levels, said dealers. The dollar's gains against the euro and the yen in the international market also aided the rupee's downward movement. The forward premia were steady with the six-month premium closing at 1.01 per cent (0.87 per cent) and the one-year closing at 1.13 per cent (1.1 per cent).

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