The Hindu Business Line : Rupee ends weaker

The rupee fell against the greenback on Tuesday on dollar buying by oil companies. The domestic currency opened at 42.50/52 and ranged between 42.52 and 42.57 during the day. It then fell to 42.65/66 but recovered to finally end the day at 42.61/62, against the previous close at 42.41/42.

A forex dealer said that public sector oil companies were in the market to buy dollars. However, the rupee recovered some of its losses as foreign banks began selling dollars. “The rupee is likely to stay in the range of 42.45-42.65 if the demand and supply of dollars remains subdued,” said a dealer at a private bank.

In the forward premia market, the 6-month closed at 1.54 per cent (1.69) and the 12 month ended at 1.36 per cent (1.48).

— Our Bureau

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