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Our Bureau

Mumbai, May 24

The rupee weakened by around three to four paise on the RBI intervention in the forex market on Thursday. The home currency opened at 40.53/55, traded in a range of 40.53-40.61 and finally closed at 40.60/61 against the previous close of 40.57/58 on Wednesday. "The rupee opened strong on dollar supplies in the market but soon public sector banks were seen buying dollars. The RBI's presence in the market brought down the rupee to 40.61 level," said a dealer at a private bank.

Dealers said the rupee is likely to trade in the 40.55-40.75 range in the next 10 days. In forwards, the six-month premia closed at 4.28 per cent (4.41 per cent) and the 12-month ended at 3.7 per cent (3.8 per cent).

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