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Our Bureau

Mumbai, July 28

The rupee dipped against the dollar as thin volume caused a degree of volatility. The domestic currency opened at 46.64 and crept up to 46.56/57.

It then fell to finally close at 46.69/70, down from Thursday's 46.60/62. Dealers said that the since PSU banks were on strike they were absent in the market.

"The thin trade in the market caused the rupee to depreciate. There was some dollar buying by importers while there was not much supply," said a dealer at a private bank. Market participants said that the US GDP data, which will be released late Friday evening would determine the course of global currencies including the rupee.

"In the forward premia market, the 6-month closed at 1.14 per cent (1.09) and the 12-month ended at 1.2 per cent (1.17).

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