The Hindu Business Line : Rupee declines 20 paise

The rupee depreciated by about 20 paise on Tuesday as the dollar strengthened against other major currencies in the global markets. The currency opened at 42.18/20 and weakened to touch an intra-day low 42.44/45. It partially recovered to close at 42.37/38, against the previous close of 42.16/17. With oil prices hovering at $114 per barrel, oil companies were seen buying dollars, said a dealer with a private bank. There was also a lot of demand for dollars from big corpora te houses and importers, he added. Another forex dealer attributed the weakening of the rupee to the 291 point fall of the Sensex. In the forward market, the six-month premium closed marginally higher at 4.26 per cent (4.22) and the 12-month ended at 3.40 per cent (3.36).

— Our Bureau

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