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Our Bureau

Mumbai, Sept. 18

The rupee was under pressure due to dollar demand, which was mainly on account of gold buying. Prices were range- bound during day trade due to lack of dollar inflows. However, it is unlikely that the domestic currency may see a weakening trend, said dealers. The rupee opened at 46.14/15 due to a weaker yen, and touched a low of 46.17 before ending trade at 46.14/1450, slightly lower than Friday's close of 46.12.

"There was good dollar demand because of gold buying. But supply did not match demand," said a dealer with a private bank. Overseas, too, the dollar was strong against yen and sterling. The rupee's movement will depend on international currencies, the dealer said. The forward premia saw some tightening in the short term. The six-month premium closed at 1.36 per cent (1.3 per cent) and the one-year closed at 1.34 (1.3 per cent).

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