The Hindu Business Line : Rupee down 30 paise

The rupee depreciated by around 30 paise against the dollar, as foreign banks heavily bought dollars in the last half hour of trade. The domestic currency opened at 42.44 and rose to 42.31/32 during the day. It however, fell to end at 42.75/76, against the previous close at 42.44/45. Dealers said that the rupee appreciated during the day as the market took a cue from a large public sector bank, which sold dollars possibly on behalf of a corporate. “These are good lev els to sell dollars,” said a dealer at a private bank. However, in the last half hour of trade, foreign banks bought dollars and dragged the rupee to close at the day’s low. “The rupee could depreciate further tomorrow if domestic inflation figures are higher,” said a dealer. In the forward market, the 6 month premium closed at 1.38 per cent (1.68) and the 12 month ended at 1.31 per cent (1.33).

— Our Bureau

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