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Mumbai, Oct. 14

The forex market was choppy on Tuesday as the rupee tracked the equities market. The currency opened higher and gained substantially during the day. But once the stock market rally petered out, the demand for dollars started. “After about 4 p.m. there were only dollar buyers in the market. There were no sellers,” said the chief forex dealer with a public sector bank. The rupee opened at 47.9 and touched a high of 47.58 during day trade. It depreciated to close at 48.10, but still 15 paise higher from the previous close of 48.25. In the forwards market, there was receiving of interest, with the six-month closing lower at 0.19 per cent (0.45 per cent) and the 12-month at 0.24 (0.39 per cent). The rupee will remain weak and under pressure until the international situation stabilises, said the bank official. . Dun&Bradstreet expects the rupee to be in the range of 48.3-48.5 to a dollar during October.

— Our Bureau

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