The Hindu Business Line : Rupee a tad lower

The rupee closed slightly lower against the dollar on Thursday as importers and oil companies bought dollars. The currency opened higher at 48.55/56 and fell to a low of 48.84 during day trade. It ended trade at 48.76/77, slightly lower from the previous close of 48.70. “There was decent buying interest from importers and oil companies. But volumes were thin,” said a forex dealer with a private bank. The gains in the stock market also helped the rupee recoup so me of its intra-day loses, he added. Volumes were thin also due to the New Year holiday in the overseas market. There was buying in the forward premia market as well, with the six-month closing at 2.48 per cent (2.32 per cent) and the one-year at 1.85 per cent (1.74 per cent).

— Our Bureau

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