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Our Bureau

Mumbai, March 23

The rupee depreciated against the dollar on the back of heavy demand for the greenback.

The domestic currency opened at 44.52 and touched an intra-day high of 44.5725. It closed the day at 44.5475, down from Wednesday's 44.50/51.

Dealers said there was demand from nationalised as well foreign banks for dollars. "There was oil-related and some buying on behalf of the central bank as well. However, the rupee recovered from its intra-day high due to profit taking", said a dealer at a private bank.

In the forward premia market, the 6-month premium closed at 2.15 (2.5) per cent and the 12-month premium at 1.77 per cent (2). Dealers said nationalised banks were buying in the spot market and lending the rupee that was generated in the inter-bank call market. This brought some relief in terms of liquidity.

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