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Mumbai, Dec 31

The rupee depreciated by around 22 paise against the dollar on Wednesday, as trading volumes continued to remain thin in a year-end market. The currency opened at 48.37 and touched an intra-day low of 48.78. It recovered marginally to close at 48.70, against the previous close of 48.48. There was month-end dollar demand from corporates, which put pressure on the rupee, said a dealer with a private bank. With the Euro zone and the Japanese markets closed, volumes in the ove rseas markets were low. The dollar gained marginally against the currencies in the other markets. In the forward premia market, the six-month closed lower at 2.32 per cent (2.67) and the one-year ended at 1.74 per cent (1.86 per cent).

— Our Bureau

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