Rupee weakens against dollar

PTI Updated - September 08, 2011 at 11:56 AM.

The rupee fell to Rs 46.30 per US dollar in early trade today on good dollar demand from banks in view of dollar firmness in the overseas markets.

The rupee resumed steady at Rs 46.15/16 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 46.16/17 per dollar, but declined immediately to a nearly one-year low of Rs 46.30 per dollar before quoting at Rs 46.20/21 per dollar at 10.30 a.m.

The domestic currency moved in a range between Rs 46.15 and Rs 46.30 per dollar during the morning deals.

Persistent dollar demand from banks and importers on the back of dollar firmness in the overseas markets mainly affected the rupee value against the dollar, a forex dealer said.

The dollar edged higher against the euro in early trade in the Sydney market today ahead of a meeting of the European Central Bank, which is expected to signal an end to its brief rate hike cycle.

Published on September 8, 2011 04:51