The Hindu Business Line : Rupee weakens tracking equities

Rupee weakened as it tracked the fall in the domestic equity market. The rupee opened lower at 48.50 and moved downwards in a single direction during the day. It closed at 48.85, against Friday’s close of 48.27/29.

According to a forex dealer with a private bank, the sentiment for the rupee was negative as the stock market fell over 3 per cent. There were not much dollar sellers, barring L&T, he said. There was some buying in the NDC market, but that was not so much to take advantage of the arbitrage but by genuine hedge funds, the dealer added.

In the overseas market, the dollar continued its Friday’s strengthening trend and gained against other currencies such as pound and euro. In the forward premia market, the six-month closed at 2.46 per cent (2.36 per cent) and the 12-month at 1.9 per cent (1.88 per cent). The rupee is likely to continue in the weakening mode this week, the dealer said.

— Our Bureau

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