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Thursday, May 04, 2006
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Rupee dips against dollar

Our Bureau

Mumbai, May 3

The rupee depreciated against the dollar on the back of oil-related demand for the greenback. The domestic currency opened at 44.84/85 and ended at 44.90, lower than Tuesday's close at 44.990. Dealers said the rupee was range-bound during the day. "The currency opened stronger in tandem with the euro and GBP. However, demand from oil importers caused the rupee to pare its gains, especially since the price of global crude hardened to $74.5 a barrel," said a dealer at a private bank. In the forward premia market, the six month closed at 1.45 per cent and the 12 month ended at 1.40 per cent.

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