The Hindu Business Line : Rupee weakens by 33 paise

The rupee depreciated by 33 paise on Friday against the greenback due to large-scale dollar demand from big corporate houses and oil importers, said dealers. The currency opened at 46.15/16 and weakened to touch an intra-day low of 46.57/58. It closed at 46.54/55 against the previous close of 46.21/22. There was a lot of dollar demand as market participants continued to buy dollars in the spot market and sell it in the non-deliverable forward market to make arbitrage profi ts, said a dealer with a private bank. The Reserve Bank of India intervened at 46.56 levels but it was only token intervention and only marginally affected rupee’s movement, added the dealer. In the forward market, the 6-month premium closed lower at 1.19 per cent (1.69) and the 12-month ended at 1.06 per cent (1.36). –

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