The Hindu Business Line : Rupee dips against dollar

The rupee dipped against the greenback on dollar-demand from foreign banks. The local currency opened at 39.92/93 and moved between 39.93-39.98. It then fell to end at 40.06, against the previous close of 39.93. Dealers said the currency was range-bound during the day but depreciated later as foreign banks started buying dollars. “There was demand for forward dollars and the discount in the forwards market has deepened. Market players, therefore, decided to go long on the spot dollar,” said a dealer at a private bank. The one-month forward dollar ended at a discount of 3 per cent (-0.33 per cent) and the 6-month ended at a discount of 0.21 per cent (+0.59 per cent). The 12-month forward dollar ended at a premium of 0.32 per cent (0.81 per cent).

— Our Bureau

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