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Mumbai, June 15

Rupee weakened against the dollar due to negative domestic equity markets and as the dollar strengthened in the overseas markets. The rupee opened weak at 47.72 and weakened during the day to touch 47.9950. There were some stray deals at 48, a level last seen in mid-May. But some dollar selling by the Reserve Bank of India and some inflows from corporates helped the rupee minimise some of its losses. It closed at 47.72, about 10 paise down from Friday’s close of 47.6 1. Dollar demand from corporates also put pressure on the rupee, said a forex dealer with a public sector bank. “The RBI intervention was to arrest the volatility and to a large extent,” he said. In the overseas market the euro and pound weakened against the dollar. In the forward premia market, the six-month closed at 2.77 per cent (2.79 per cent), while the one-year was unchanged at 2.4 per cent.

— Our Bureau

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