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Our Bureau

Mumbai, Oct. 3

The rupee strengthened against the dollar on Tuesday on good supplies. The currency opened at 45.86/88 to end the day at 45.75, up from Friday's 45.93/94.

Forex dealers said the rupee was tracking the movement of the other major currencies, which appreciated against the dollar. The rupee strengthened against the US currency during the day due to bunching of dollars, held up over the long week-end. "Banks were unwinding their long positions and selling dollars in the market. Since, the month-end demand for dollars has abated, the rupee has recovered its strength," said a dealer.

In forwards, the six-month premium closed at 1.40 per cent (1.29 per cent) and the 12-month ended at 1.40 per cent (1.33 per cent).

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