MUMBAI, Oct 29: The rupee gained on Monday helped by bunched dollar inflows after a long weekend and light corporate demand, while forwards moved up on hopes of lower interest rates in the United States, dealers said.

The rupee ended at 47.9700/9800 per dollar, firmer than Thursday’s close of 48.0050/0250.

Banks and currency markets in the country’s main financial centre of Mumbai were closed on Friday for a Hindu festival.

Traders said there was sporadic month-end dollar demand from state-run firms, but ample supplies extended comfort to the Indian currency.

There were bunched up dollar supplies as well as supplies from exporters. Towards close there was some short selling by banks as well, said a dealer at a state-run bank.

The six-month forward premium ended at 6.0 per cent, up from Thursday’s close of 5.87 per cent.—Reuters