The Hindu Business Line : Rupee ends lower on dollar buying

The rupee ended lower by about 12 paise, against Wednesday’s close, due to dollar buying by oil companies and importers ahead of the weekend, said forex dealers. On Friday, the rupee opened at 40.50 and fell to as low as 40.77, before closing at 40.64, against the previous level of 40.51/52. A bit of dollar selling by exporters helped the rupee recover losses towards close. “Intra-day volatility in the spot rupee market has increased in the last few days as the underlying sentiment has shifted to rupee weakness,” said the chief forex dealer of a private sector bank. In the overseas market, the dollar gained against currencies like the yen and euro and was steady against the pound.

In the forward premia market, the six-month closed at 1.94 per cent (1.75 per cent) and the 12-month closed at 1.61 per cent (1.56 per cent). Next week, the rupee could trade between 40.50 and 40.80, the dealer said.

—Our Bureau

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