Money & Banking

Rupee weakens against dollar

| | Updated on: Feb 23, 2011

The rupee was down by 8 paise at 45.35 per US dollar in the early trade today amid month-end dollar demand from banks and importers and the dollar’s gains overseas.

The domestic unit opened slightly lower at 45.28/29 per dollar at the Interbank Foreign Exchange market against the previous close of 45.26/27 per dollar. It moved in a range between 45.20 and 45.35 per dollar in the morning deals.

Month-end dollar demand from banks and importers at lower levels mainly affected the rupee value against the American currency, a forex dealer said.

The US dollar made a comeback against major currency rivals on Tuesday following comments from a European official that raised the prospects for an interest rate hike by the European Central Bank.

Published on February 23, 2011

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