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Mumbai, May 14

The rupee fell by about 10 paise against the dollar, although it recovered some of its intra-day losses. The rupee opened lower because of weak Asian currencies. A heightened risk aversion among investors led to the dollar strengthening across the board, said forex dealers. The rupee opened at 49.95 and touched a low of 50.02, a level seen last on April 30. It recovered during the day due to dollar selling by exporters to close at 49.78, against the previous close of 49.69 . A forex dealer with a public sector bank said, “Exporters are hedging their positions prior to the poll results. Also, the fall in equities was not as much as expected.” The forward premia saw very dull trade, with the six-month closing at 2.88 per cent (2.85 per cent) and the one-year at 2.38 per cent (2.35 per cent). “There was some receiving of interest in forward premia as exporters sold dollars in the spot market. But mostly the trade was very dull,” the dealer said.

— Our Bureau

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