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Mumbai, Aug 10

The rupee weakened for the third day on Friday over continued concerns about the impact of the sub-prime lending crisis in the US. The domestic currency opened lower at 40.60 and fell to 40.70 after the stock market opened at a much lower level.. That saw a lot of dollar selling. The rupee ended trade at 40.635/645 against Thursday’s close of 40.52/53.

A forex dealer with a private bank said there was dollar selling at various levels, which helped the rupee recover from the day’s low.

Worldwide, investor worry appeared to be across all asset classes. Investors are selling assets ranging from gold, oil and dollars, and moving to the yen, the dealer said. The yen is gaining across the board, not just against the dollar, but also against the euro and pound sterling, he added. If the US markets were to fall further on Monday, the rupee could touch levels of 40.70/75, he said. In the forward premia, the six-month closed at 1.90 per cent (1.96 per cent) and the 12-month at 1.94 per cent (1.9 per cent).

— Our Bureau

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