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Our Bureau

Mumbai, Oct. 17

The rupee appreciated sharply against the dollar on Tuesday, tracking gains made by the yen. The domestic currency opened at 45.38 against Monday's 45.43 to end the day at 45.2750. Dealers said that the yen appreciated to 118.60 (120) against the dollar. "The dollar's rally against the other currencies has been overdone and some consolidation is taking place. There were also reports that the Russian central bank was buying yen," said a dealer at a private bank. In forwards, the six-month ended at 1.72 per cent (1.67), while the 12-month closed at 1.58 per cent (1.55). Dealers said that tight liquidity and the likely rise in domestic interest rates had pushed up the premia.

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Rupee rises sharply

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