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Our Bureau

Mumbai, June 26

The rupee weakened by five paise on demand for greenback and closed at 40.92/93 on Tuesday, lower than the previous close of 40.87/88. There was a two-way movement in the market today.

The home currency opened at 40.94/96 and saw an intra-day high of 40.89 and a low of 41.01 before ending the day at 40.92/93. "The market was volatile today. The rupee saw an intra-day high of 40.89 spurred by some dollar selling by some foreign banks and large corporates," said a dealer with a private bank. In forwards, the six-month premia closed at 2.97 per cent (2.43 per cent) while the 12-month closed at 2.81 per cent (2.55 per cent).

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