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Our Bureau

Mumbai, May 10

The rupee weakened by around 36 paise against the greenback on sustained buying of dollars. The domestic currency closed at 41.28/29 on Thursday, down from the previous close at 40.92/93. "There was all round dollar buying seen in the market today by banks as well as corporates," said a dealer with a private bank. The home currency opened the day at 41 and saw an intra-day high of 40.98 before closing at 41.28/29. Dealers said that the dollar now seems to be on the rebound and regaining its strength. "The dollar appreciated against other major currencies like euro and pound," the dealer added. The rupee's slump on Thursday comes soon after it touched a nine-year high earlier this week. The currency has been gaining due to strong FII inflows into the market. Traders said there might not have been the RBI intervention in the forex market. They expect the rupee to trade in the 41.05-41.45 range this week. In forwards, the six-month premia closed at 4.90 per cent (5.39 per cent) and the 12-month ended at 4.26 per cent (4.55 per cent).

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