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Our Bureau

Mumbai, March 24

On Friday, the rupee continued to be weak against the US dollar due to the month-end demand and overall strength of the greenback. The currency opened at 44.60, six paise lower than Thursday's close. It touched a low of 44.6925 on good dollar buying by state-run banks and oil companies. The rupee ended trade at 44.65, against the earlier close of 44.5475.

Some state-run banks too were seen buying dollars, which could have been induced by RBI, said dealers.

Next week the rupee may be range bound between 44.55 and 44.65, as there is likely to be month-end dollar demand from corporates. "The rupee is most likely to end this fiscal more or less at these same levels," said a dealer with a private bank. The forward premia fell, with the six-month closing at 1.92 per cent (2.15 per cent) and the one-year closing at 1.70 per cent.

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