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Our Bureau

Mumbai, Nov. 6

The rupee weakened by around 10 paise as state-run banks bought dollars to infuse liquidity into the system. "Today's buying was not to protect any level but to maintain liquidity. It was RBI induced buying," said a forex dealer.

The rupee opened lower at 44.90/91 as the dollar strengthened overseas. It touched a high of 44.85 before ending at 44.90/91 against Friday's close of 44.82. The dollar was higher than its Friday's close as the US unemployment figures improved marginally, the dealer said.

Forward premia was lower by about 10 points with the six-month premium at 1.86 per cent (1.98 per cent) and the one-year at 1.74 per cent (1.84 per cent). About the rupee's likely movement the dealer said, "There are inflows and there are sellers at every level. But if RBI steps in the rupee may weaken."

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Rupee weakens 10 paise

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