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Our Bureau

Mumbai, Aug. 18

The rupee weakened marginally against the US dollar on Friday on the back of demand for dollars from importers. The currency opened at 46.50 and touched an intra-day high of 46.44, to finally close at 46.46/47, lower than Thursday's close at 46.44/45

Statements made by the Union Trade and Commerce Minister on the 47 per cent growth in FDI inflows in the first quarter also helped the rupee gain, said dealers. But the rupee had to later give up the gains made due to dollar demand. "Domestic oil companies started buying dollars which caused the rupee to pare its gains," said a dealer at a private bank.

However, the market expects the dollar to weaken in the next week. In the forward-premia market, the six-month premium ended at 1.43 per cent (1.38 per cent) and the 12-month premium at 1.37 per cent (1.33 per cent).

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