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Our Bureau

Mumbai, July 10

The rupee slipped to 46.13/14 on account of heavy demand for oil from several domestic oil companies. The currency opened strong at 45.94, due to the weakening of dollar against other global currencies and closed at 46.13/14 as compared to 46.05/06, on Friday.

The dealers said that the rupee was stronger against the greenback following the weakening of dollar against global currencies, especially yen. The dollar weakened following the release of the US non-form payrolls data, on Friday evening, which showed that the jobs added to the economy were lower than expected.

Strong demand from several oil companies and public sector banks such as State Bank of India pulled the rupee down in the latter half of the session, said a dealer at a private bank. The rupee is expected to trade range-bound, he said. The forward premia market, the six-month closed at 1.10 per cent (1.10 per cent) and the 12-month at 1.21 per cent (1.19 per cent).

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