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Mumbai, Dec. 1

The rupee closed at a record low against the dollar on Monday, due to dollar demand from corporates and oil companies. But for the support from the Reserve Bank of India, it would have weakened further, said forex dealers. The fall in the stock market also added to the negative sentiment. The rupee opened at 50.2 and closed at 50.28, down about 21 paise from the last week’s close of 50.07/10. During the day, it touched a high of 49.97 and a low of 50.35. The central bank was seen buying in the spot market at around levels of 50.20-50.35. The forward premia came down a bit because the RBI sold forward. “There was premium receiving by the RBI as it bought in the spot market and sold in the forwards market,” the dealer said. The one-year premia closed at 1.86 per cent (1.89 per cent).

— Our Bureau

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