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Uptrend halted in rupee

MUMBAI DEC. 11. Undergoing a technical downward correction, the rupee weakened against the U.S. currency today, as renewed dollar demand from corporates and importers halted a ten-session long rally that took it to over three-week peak at the interbank foreign exchange market.

Closing at 45.54/55 a dollar, the rupee lost 2-1/2 paise from Wednesday's finish of 45.5150/5250 after trading within a tight band of 45.5250 and 45.5500 in directionless business. It opened at 45.52/53. Dollar demand at sharply lower levels from corporates and importers, coupled with sporadic spot-dollar purchases by state-run banks, exerted slight pressure on the rupee even as sentiment remained upbeat for a smart turnaround tomorrow, dealers said.

Prior to today's downward correction, the rupee gained by nearly 47 paise since November 27.

PTI

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