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Our Bureau

Mumbai, Aug. 23

The rupee weakened slightly against the US dollar for the second day in a row on Wednesday, as demand for the greenback from oil companies continued. But the overall weakening of the dollar kept the rupee from depreciating further. It moved in a narrow range of four paise, said dealers. "Demand and supply forces were fairly well matched today due to which the rupee moved in range of about 4 paise. Though there were buyers for the dollar, there was also a fair amount of outflow," said a dealer with a private bank. The rupee opened at 46.54/56 and touched 46.57/5750 on account of oil buying. It closed at 46.52/53 lower than the previous close of 46.49/50. The intra-day recovery of the rupee was on account of global currencies like euro and pound appreciating against the dollar, said dealers.

The forward premia were slightly lower with the six-month premium closing at 1.32 per cent (1.38 per cent) and the one-year closing at 1.3 per cent (1.33 per cent). The rupee is likely to move in a range of 46.40-46.70 said dealers due to month-end demand, said dealers.

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