• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, Nov. 13

The rupee, which touched seven-month high against the dollar last week, lost some ground on Monday on the back of heavy demand from corporates for the US currency. The domestic currency ended the trade with a loss of 27 paise against the dollar.

Traders said the rupee was volatile and depreciated to close near the psychological 45 level. Opening at 44.67, the rupee touched an intra-day low of 44.9950. It recovered briefly to 44.84/85 but finally closed at 44.98, down from Friday's close of 44.71/7150.

Dealers said there was dollar demand from corporates as well as for defence related payments. Dollar inflows in the market helped the rupee to appreciate slightly but demand for the greenback pulled it lower towards closing. With the central bank intervening to prevent the rupee from appreciating last week, a number of corporates who were sitting short began buying dollars. The rupee could be expected to cross 45 on Tuesday given the volatility in the market, said a dealer at a private bank. In forwards, the six-month premium closed at 1.77 per cent (1.79) and the 12-month ended at 1.68 per cent (1.72).

More Stories on : Forex

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
GE India bets on financial biz for $8-b revenue by 2010

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line