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Our Bureau

Mumbai, April 25

The rupee fell against the greenback on the back of heavy dollar buying. The domestic currency was very volatile against the dollar on Tuesday. It opened at 44.80, up from Monday's close at 44.92. It then dipped to 44.77 but finally closed at 45. The rupee opened stronger in tandem with the appreciation of the yen. However, heavy dollar demand caused the rupee to trim its gains. "Demand from oil importers as well as some buying by nationalised banks caused the rupee to lose ground against the dollar. High oil prices as well as sharp declines in equity markets are concerns that will affect the forex market as well," said a dealer at a private bank. Dealers expect the rupee to be in the range of 45.10-45.20 on account of month-end demand for dollars. In the forward premia market, the six-month was unchanged at 1.15 per cent and the 12-month ended at 1.15 per cent (1.16).

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