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Our Bureau

Mumbai, June 6

The rupee weakened by about 14 paise against the greenback on speculation that "the central bank was buying dollars to curb its appreciation," said a dealer with a private bank. The domestic currency opened at 40.54/56 and saw an intra-day low of 40.72 to end the day at 40.66/67 down from the previous close of 40.52/53.

Mr C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister, said, "To some extent, the appreciation of the rupee has had a dampening effect on inflation." In forwards, the six-month premia closed at 2.68 per cent (2.42 per cent) while the 12-month closed at 2.76 per cent (2.62 per cent).

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Strong rupee is cause for concern: Karnik

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