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Mumbai, Feb. 4

The rupee depreciated against the dollar on Monday on sustained dollar buying by foreign banks. The domestic currency opened at 39.34/35 and touched an intra-day low of 39.48. It finally closed the day at 39.45/46, against the previous close at 39.35/36.

Forex dealers said the dollar-buying was on account of refunds from the Reliance Power IPO to foreign institutional investors. “There was also some buying due to FII outflows from the stock market last week. Settlement usually takes place with a lag of two days,” said a dealer at a private bank. However, dealers expect the rupee to bounce back in the next few days as the demand for dollars subsides.

In the forward premia market, the six-month closed at 1.63 per cent (2.13 per cent) and the 12-month at 1.52 per cent (1.79 per cent).

— Our Bureau

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Rupee falls on dollar buying

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