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Mumbai, July 11

The rupee slightly depreciated against the greenback as nationalised banks bought dollars. The domestic currency opened at 40.40/42, touched an intra-day high of 40.36 and finally closed at 40.40, against the previous close of 40.38. Market participants said dollar buying by nationalised banks, possibly on behalf of the Reserve Bank prevented the rupee from appreciating beyond 40.36. “There is good supply of dollars in the market from Foreign Institutional Investors. The sentiment is that the rupee may not substantially weaken,” said Mr Paresh Nayar, Chief Dealer, Development Credit Bank. In forwards, the six-month closed at 1.87 per cent (1.71) and the 12-month ended at 1.98 per cent (1.82). —

Our Bureau

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