Money & Banking

Rupee weakens on strong $ buying

Our Bureau Mumbai | Updated on January 06, 2011 Published on January 06, 2011

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The rupee opened lower and continued to weaken during the day as there was dollar buying by foreign investors and defence companies.

The rupee opened at 45.16 and closed at 45.33/34, about 35 paise lower from the previous close of 44.98. This is the second day in a row that the rupee has weakened against the dollar.

There was also demand from oil companies, said a forex dealer with a private bank. In the overseas market, the dollar was stronger against euro and other currencies, the dealer said.

In the forwards market, the six-month closed at 6.17 per cent (6.53 per cent) and the one-year at 5.39 per cent (5.70 per cent).

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Published on January 06, 2011
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