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Our Bureau

Mumbai, June 23

The rupee was choppy against the US dollar, but ended almost unchanged from the previous close on Friday.

The rupee opened at 45.20 and touched a low of 46.26 before closing at 46.12/13, the same as Thursday's close. "There was dollar demand from importers. Much of it could also be oil-driven demand," said a dealer with a private bank.

As the rupee continued to depreciate, exporters cancelled their forward dollar covers helping the home currency to stem its losses.

According to the dealer, the pressure on the rupee may continue for some time and it is likely to trade in the range of 45.85/90-46.20 next week. "I see resistance for the rupee at 46.20/30 levels," the dealer said. The forward premia opened higher but came down later. In the forward premia market, the six-month closed at 1.26 per cent (1.25 per cent) and the 12-month at 1.32 per cent (1.30 per cent).

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