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Our Bureau

Mumbai, Dec 6

The rupee weakened by almost 16 paise on Wednesday on strong dollar demand from foreign banks on behalf of oil companies. The home currency opened at 44.49/50, touched an intra-day low of 44.71, to finally close at 44.69/70, against the previous close of 44.53 on Monday.

The dollar was trading strong against overseas currencies, including the yen and the euro. "Despite the weak rupee today, the outlook for the home currency remains bullish and it is expected to be in the range of 44.55-44.70," said dealer at a private bank. In forwards, the six-month closed at 2.05 per cent (2.18 per cent) while the 12-month ended at 1.98 per cent (2.06 per cent).

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Rupee weakens by 16 paise

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