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Mumbai, Feb. 11

The rupee weakened by eight paise against the greenback on Monday tracking the weakness in the stock market. The home currency opened at 39.63/65 and saw an intra-day low of 39.74, before ending the day at 39.6950/70. Foreign exchange dealers said that the rupee would continue to weaken further to the 39.80-39.85 level. “The rupee will weaken for sometime now, there will however be some correction in the global market which would strengthen the rupee,” said a dealer at a private bank. In forwards, the six-month premia closed at 0.85 per cent (0.76 per cent) and the 12-month closed at 1.14 per cent (1.04 per cent).

— Our Bureau

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