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Our Bureau

Mumbai, Aug. 14

The rupee weakened against the dollar on Monday due to heavy demand for greenback from oil companies. "Trading volumes were low as August 15 is a public holiday and traders took advantage of the extended weekend," said a dealer at a private bank. The domestic currency opened weak at 46.57/58 and closed at 46.61/62, lower than Friday's close at 46.52/53. "The rupee opened weak tracking the movement of global currencies against the dollar, such as yen," said the dealer. "There was hardly any momentum in the market as market participation was less," he added. "During the day, the rupee was hit by oil companies buying dollars and the weakening of euro against the greenback. Demand for dollars was more than supply," he said. The rupee is expected to trade between 46.50 and 46.58, said the dealer. In the forward-premia market, the six-month ended at 1.23 per cent (1.2 per cent) and the 12-month at 1.25 per cent (1.24 per cent).

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