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Mumbai, Oct. 15

The rupee fell against the dollar on Wednesday as it tracked the equities market and on month-end dollar demand. “There are no positive signs for the rupee and it will continue to remain under pressure for some time. There was overall dollar buying,” said a forex dealer with a private bank. The rupee opened on a weak note at 48.34/36 and closed at 48.52/54, against the previous close of 48.10. It touched a low of 48.61/62 during day trade. The central bank sold dollars at this level which helped the rupee gain slightly towards close, said dealers. Several banks also bought dollars to sell in the overseas NDF market, to take advantage of the difference, which is as high as 50 paise, the dealer said. The rupee could be in the range of 48.10 and 49 and is likely to cross the 49 level soon, he added. In the forward premia market, the six-month closed at 0.49 per cent (0.19 per cent) and the 12-month at 0.40 per cent (0.24 per cent).

— Our Bureau

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