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Mumbai, Jan. 28

The rupee slightly depreciated against the dollar tracking the weakness in the domestic stock market. The domestic currency opened weak at 39.40/41 and fell to an intra-day low of 39.47/48. It ended the day at 39.38/39, against the previous close at 39.36/37.

Dealers said that there was a lot of bunched up demand for dollars from public sector banks, on account of the strike on Friday. “There was some month-end and oil related dollar-buying by public sector banks,” said a dealer at a private bank. However, with the partial intra-day recovery in the domestic stock market, the rupee also trimmed its losses. Market participants were also selling dollars, as they did not want to hold on to long positions ahead of the quarterly review of the monetary policy on Tuesday.

In the forwards market, the 6 month premium closed at 2.18 per cent (2.12) and the 12 month premium ended at 1.79 per cent (1.76).

– Our Bureau

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