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Mumbai, Aug. 25

The rupee fell by about 35 paise against the dollar, due to heavy buying by corporates and oil companies. All foreign banks were seen buying dollars, said a forex dealer with a private bank. There could also be month-end demand, he added.

The rupee opened at 43.45/46 and closed at 43.77/78, against the previous close of 43.42/43. It touched a low of 43.80 during the day. This is the lowest level the rupee has seen in over a year. The fact that there were hardly any dollar inflows also aided the rupee’s downward slide.

“The RBI was not seen intervening in the market. If it continues to stay away, we may see the rupee touching 44 against the dollar,” the dealer said. In the forward premium market, the six-month closed at 2.99 per cent (3.84 per cent) and the 12-month closed at 2.57 (3.09 per cent). Our Bureau

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