The Hindu Business Line : Rupee volatile; ends lower

The domestic currency opened at 42.87/89 and closed at 42.92/93, against the previous close of 42.87/88. But during day trade, the rupee touched an intra day high of 42.78/79 and an intra day low of 42.97/98. A fall in oil prices and selling of dollars by banks helped the domestic currency strengthen initially, said forex dealers. But the losses in the stock market dragged down the rupee, said a dealer with a private bank. Purchase of dollars by participants trying to make arbitrage profits by selling it abroad due to the price differential also pulled the rupee down.

The movement of the dollar in the coming weeks will depend on the US government's industrial production figures, retail sales and consumer compliance data and the Federal Reserve move, added the dealer. In the forwards market, the 6-month premium closed lower at 5.03 per cent (5.18) and the 12-month ended at 4.40 per cent (4.46). - Our Bureau

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