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Rupee weakens against dollar

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Our Bureau

Mumbai, Sept. 7

The rupee weakened against the greenback on dollar demand from domestic oil companies. The home currency opened at 46.14, touching an intra-day high of 46.03, and ended at 46.20. On Wednesday, the rupee closed at 46.16/17.

"Earlier in the day, there was strong selling of dollars by foreign banks, which pushed up the rupee to 46.03. However at that level, oil companies were seen buying dollars, extensively, said a dealer at a private bank.

Euro and pound weakened against the dollar and this impacted the rupee, he said. Dealers said that the rupee is expected to reach 46 in the coming days. In forwards, the six-month premium ended at 1.27 per cent (1.26 per cent) and the 12-month at 1.3 per cent (1.28 per cent).

(This article was published in the Business Line print edition dated September 8, 2006)
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