The Hindu Business Line : Rupee weakens on dollar buying

The rupee weakened against the dollar in a volatile market on strong dollar demand and as it tracked the equity market. The rupee’s movement is now based on pure demand and supply factors, said a forex dealer with a private bank. The domestic currency opened at 47.88/90 and weakened to a day’s low of 47.95/96. Dollar selling by some big corporates saw the rupee touch the day’s high of 47.49/50. It ended trade at 47.74/75, about 40 paise lower from Wednesd ay’s close of 47.45. The volatility in the equity market was another reason for dollar buying, the dealer said. In the overseas market the dollar was strong against other currencies, he added. The forward premia strengthened with the six-month closing at 2.89 per cent and the 12-month at 2.07 per cent.

— Our Bureau

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