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Our Bureau

Mumbai, March 5

The rupee shed over 30 paise against the dollar tracking the downturn in the domestic stock market. The currency opened at 44.33/35 and touched an intra-day low of 44.70/71. It closed the day at 44.63/64, against Friday's close at 44.29/30. The crash of 471 points on the Bombay Stock Exchange led to demand for dollars in the forex market. "There was all round dollar-buying by banks. It was completely a one-way market," said a dealer at a private bank.

Traders expect the currency to be volatile as long as the meltdown in the stock market continues. The rupee is likely to move in the broad range of 44.60-45.00, said a dealer. There was a fall in forward premia with the six-month closing at 2.82 per cent (3.03) and the 12-month ending at 2.81 (2.94).

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