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Our Bureau

Mumbai, July 6

The rupee dropped further to touch 46.15/16 on account of heavy demand for dollars from oil companies. It opened at 46.16/18 against the dollar and moved within the range of 46.11-46.16, intra-day, to finally close at 46.15/16.

On Wednesday, the rupee ended at 46.09/10. Dealers said that high price of crude oil coupled with the strong demand from oil companies impacted the domestic currency. Dollar also strengthened against global currencies followed by strong investment in the US currency after the missile testing in Korea.

The greenback was seen as a safe currency during the time of uncertainty, said a dealer at a private bank. The data released by the US Commerce Department on factory orders also strengthened the dollar, he added. "The home currency tracked the movement of the global currencies against the dollar," he said. In the forward premia market, the six-month closed at 1.08 per cent (1.14per cent) and the 12-month at 1.19 per cent (1 per cent).

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Dollarisation of rupee — Convertibility and issues of currency substitution

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