The Hindu Business Line : Rupee breaches 49-mark

The rupee depreciated also due to overseas demand for the dollar from the non-deliverable forwards market where the arbitrage is around 10 paise, said a bond dealer with a private bank. The rupee opened at 48.95 and touched a high of 48.76/78. But it soon weakened and closed at 49.10/14, against the previous close of 48.85. In the overseas market the euro weakened against the dollar.

Further weakening in the euro could lead to weakening in the rupee as well, the dealer said. “In the absence of any clear demand or supply, the rupee is tracking the equities, NDF and the euro’s movement,” he said. In the forward premia market the six-month closed at 2.21 per cent (2.46 per cent) and the one-year at 1.76 per cent (1.9 per cent).

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