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Our Bureau

Mumbai, May 24

A stronger dollar overseas and fear of foreign institutions selling in the equity market caused the rupee to weaken against the US dollar and end about 20 paise lower on Wednesday. The rupee opened at 45.65/66 and closed at 45.75/76 against the previous close of 45.54/55. "The rupee went down towards closing hours. There was no direction for the rupee and it mainly tracked overseas currenciessuch as the pound and yen, which were volatile against the dollar," a dealer with a private bank said. Fears of foreign institutions selling in the domestic equity market also aided the rupee's decline. The likely range for the rupee this week could be 45.50-46, dealers said. "We have to watch the movement of foreign currencies and consumer durables data in the US, which is expected later today," said the bank official. Forward premia were also lower, with the six-month closing at 0.74 per cent (1 per cent) and the 12-month at 0.9 per cent (1.09 per cent).

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