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Rupee weakens marginally

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Our Bureau

Mumbai, Aug 31

The rupee weakened against the dollar, after closing flat for two days. The home currency opened weak at 46.54/55, in line with the yen against the dollar, touched an intra-day low of 46.55 and ended 46.53/54. On Wednesday, the rupee closed at 46.50/51. "Speculations about a possible pause in the interest rate hike in Japan weakened the yen against the dollar and euro," said a dealer at a private bank. "The home currency tracked the movement of yen," he added. Dealers saw oil companies buying dollars during the day, which pushed the rupee to 46.55. The next move of the rupee will depend on the US non-farm payroll data, to be released in the evening, he said. In the forwards, the six-month premium ended at 1.42 per cent (1.39 per cent) and the 12-month premium at 1.38 per cent (1.35 per cent).

(This article was published in the Business Line print edition dated September 1, 2006)
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