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Mumbai, August 11

The rupee slightly depreciated against the greenback on Monday on dollar demand. The currency opened at 42.04 and strengthened to 41.90 during the day. It then dropped to an intra-day low of 42.23 and ended the day at 42.16/17, against the previous close at 42.05/06. Dealers said that rupee began the day on a strong note tracking the upswing in the domestic stock market. However, comments made by a Finance Ministry official about the government not changing the rules for e xternal commercial borrowings dragged the rupee down from its intra-day high.

“There was all round dollar demand from banks in reaction to the comments made by the official,” said a dealer at a private bank. The rupee is expected to be in the range of 41.80 and 42.25 this week and its movement would depend on the price of global crude, said the dealer.

In the forward premia market, there was some selling seen which caused both the 6 month and the 12 month to close slightly lower at 4.22 per cent (4.32) and 3.36 per cent (3.50), respectively.–

Our Bureau

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