The Hindu Business Line : Rupee declines

The rupee depreciated against the greenback on month-end related dollar demand. The currency opened at 42.46/48 and touched an intra-day low of 42.57. It finally ended the day at 42.5750, against the previous close at 42.36/37. Forex dealers said that the rupee opened weak as the price of global crude increased to $125 per barrel from $121 per barrel. The stock market also ended on an almost flat note. “During the day, there was month-end demand for dollars, which in cluded the purchases of oil companies. Public sector banks and foreign banks were seen buying dollars,” said a dealer at a private bank. In the forwards market, the six month closed at 4.87 per cent (4.97 per cent) and the 12 month ended at 4.07 per cent (4.14 per cent).

— Our Bureau

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