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Mumbai, May 20

The rupee fell slightly against the dollar on Tuesday on demand from importers as well as short-covering by banks.

The domestic currency opened at 42.63/65 and touched an intra day low of 42.75/76. It closed at 42.61/62, against Monday’s close at 42.51/52. Dealers said that importers were seen buying dollars as oil prices have remained high at $127 per barrel.

The rupee touched its intra-day low as banks bought dollars to cover their positions. Exporters then started selling dollars which helped the trim some of its losses. “The rupee is likely to remain range-bound. There may be dollar-selling seen at 42.75 as it is a good level to sell,” said a dealer at a private bank.

In the forward premia market, the 6 month closed at 1.50 per cent (1.18 per cent) and the 12-month ended at 1.17 per cent (0.99 per cent). – Our Bureau

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