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Our Bureau

Mumbai, Aug. 2

The rupee slipped to 46.70 against the dollar on Wednesday on the back of extensive demand for dollars from domestic oil companies. The rupee opened strong at 46.53/54 to finally close at 46.70. On Tuesday, it ended at 46.59. Dealers said that the rupee opened strong on the back of a strong domestic equity market. "The rupee was trading between 46.56 and 46.58 earlier in the day," said a dealer at a private bank. "However, there was strong demand from the domestic oil companies and other corporates, which caused the rupee to weaken and end at 46.70," he added. A public sector bank which was to make dollar remittance also bought dollars, which also impacted the home currency, said a dealer. In the forward premia market, the six-month ended at 1.02 per cent (1.09 per cent) and the 12-month ended at 1.14 per cent (1.17 per cent)

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