Tuesday, Oct 07, 2003
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In moderate activity at the interbank foreign exchange market, the rupee closed at 45.43/44 a dollar, a four paise decline from last Friday's close of 45.39/40. It opened on a weak note at 45.40/41, reflecting the dollar's smart rebound in overseas trading. Dollar demand from public sector banks, possibly on behalf of the central bank and bargain purchases at sharply lower levels weakened the rupee even as sentiment remained upbeat for a renewed rally tomorrow, dealers said.
The dollar's sharp turnaround against major global currencies late last week also weighed on the rupee, although the rupee was poised for a downward correction, following its spurt to 38-month peak, they added.
The RBI fixed the reference rate for the U.S. currency at Rs. 45.42.
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