I want to prove that if $R$ is a Noetherian integral domain and $I$ is a nonzero ideal of $R$, then $I^{-1}=R$ if and only if $\operatorname{grade}(I)≥2$.
For the "only if" part, I say $II^{-1}=R$ yields $IR=R$, which gives $I=R$ since $I$ is an ideal of $R$. Now, $R$ is a domain, so each nonzero $r∈R$ is a nonzero divisor, whence $r$ is an $R$-sequence. But it can not be a maximal $R$-sequence in $I(=R)$ because being maximal means that $(I=)R⊆⋃P$, where the $P$ runs over $\operatorname{Ass}(R)$ which is not the case since by prime avoidance we would have $R=P$ for some $P$. Therefore, $\operatorname{grade}(I)≥2$. I could not prove the converse and need some suggestion. Thanks for any help.
I take this opportunity to show that your problem is a particular case of this one.
"$\Rightarrow$" Since $R$ is an integral domain the canonical homomorphism $R\to\operatorname{Hom}_R(I,R)$ is injective. Let's prove that it is surjective. Chose $\psi\in\operatorname{Hom}_R(I,R)$. Since $\psi(ii')=i\psi(i')=i'\psi(i)$ for any $i,i'\in I$ we can deduce that the element of $\psi(i)/i\in K$ does not depend on $i$ when $i\in I$, $i\ne 0$. Set $a=\psi(i)/i$. We observe that $a\in I^{-1}$, and therefore $a\in R$. Consequently, $\psi$ is in the image of the canonical homomorphism $R\to\operatorname{Hom}_R(I,R)$.
"$\Leftarrow$" Let $x\in I^{-1}$. Then $xI\subseteq R$. Define $\psi:I\to R$ by $\psi(i)=ix$. Obviously $\psi\in\operatorname{Hom}_R(I,R)$, and therefore there is $a\in R$ such that $\psi(i)=ia$ for all $i\in I$. Thus we get $x=a\in R$.