The rupee gained nine paisas to close at 85.85 to a dollar in the inter-bank market from the previous day’s close of 85.97.
“Traders show reluctance to buy greenback on the hope that the foreign currency’s value may further go down,” a dealer said. The rupee is stable against the dollar during the ongoing month after it registered a decline to a historic low of 86.32 early this month on heavy demand for the dollar for import payments.
The inter-bank forex market started the day in the range of Rs85.93 and 85.97. The dollar witnessed deterioration throughout the day as it registered a high of Rs85.93 and a low of Rs85.85. Currency experts said that the dollar demand would rise early next month as import for oil payments is due. However, the inflows of home remittances and export receipts would help the rupee maintain its current levels, they added.
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