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Our Bureau

Mumbai, Nov. 11 The rupee was very volatile against the dollar on Tuesday and closed above the 48 mark on oil and defence related dollar buying. The huge losses in the stock market also added to the negative sentiment in the spot rupee market, said a forex dealer with a private bank.

The currency opened lower at 47.68 and closed at 48.10, about 73 paise lower from the previous close of 47.37/39. It touched a low of 48.17 during the day. The rupee has crossed the 48-mark after a week.

“State-run banks bought dollars today, on behalf of oil companies,” the dealer said.

Dollar-buying by market participants to take advantage of the price variation between the spot market and the overseas non-deliverable forward market (NDF), also added to the rupee’s loss, said another forex dealer.

In the overseas market the dollar was more or less steady against other currencies.

The forward premia were sharply lower as exporters sold dollars , dealers said. The six-month premium closed at 2.5 per cent (3.4 per cent) and the one-year at 2.01 per cent (2.57 per cent).

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