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Our Bureau

Mumbai, July 11

The rupee slid down to 46.17/18 on the account of continued demand for oil from several domestic oil companies. The domestic currency opened at a gap, 46.18/20, and touched an intra-day low of 46.25 to close at 46.17/18. On Monday, the rupee closed at 46.13/14. The dealers said that the rupee weakened against the greenback due to demand for dollars from several oil companies. However, the US currency strengthened against the Japanese yen. The yen weakened by 35-40 basis points. "It was just a normal movement in the market," said a dealer at a private bank. The rupee was also impacted by the fall in stock markets, as the foreign investments into the markets have slowed down, he said. The rupee is expected to trade between 45.8 and 46.20, he said. The forward premia market, the six-month closed at 1.09 per cent (1.10 per cent) and the 12-month at 1.20 per cent (1.21 per cent).

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