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Our Bureau

Mumbai, July 14

The rupee weakened further against the dollar on concerns about rising price of crude oil prices. The domestic currency opened at 46.45 and touched an intra-day low of 46.50. It then recovered to finally close at 45.37/38, lower than Thursday's close at 46.33.

Dealers said that with global oil prices crossing $77 a barrel and FII inflows ebbing from the stock market, the outlook for the rupee was negative. However, PSU banks could have sold dollars on behalf of the central bank at the day's low of 46.50, they said.

"While there could have been some intervention from the central bank, there were also corporates who were selling dollars and unwinding their long-positions," said a dealer at a private bank. The rupee is likely to be in the range of 46.30-50 in the next few days, said dealers. In the forward premia market, the 12-month closed at 1.13 per cent (1.16) and the 6 month ended at 0.98 per cent (1.02).

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