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Rupee weakens against $
MUMBAI,
FEB. 23.
Heavy dollar demand and a resurgent U.S. currency against global majors weakened the rupee considerably today even as bunched up weekend dollar supplies cushioned its fall in an otherwise quiet and range-round trading at the interbank foreign exchange market.
Closing at 45.2850/2950 a dollar, the rupee lost 3-1/2 paise from last Friday's close of 45.25/26 after hitting a low of 45.29/30 due to hectic dollar demand from corporates and importers ahead of a proposed nation-wide bank strike tomorrow, dealers said.
It opened on a distinctly weak note at 45.28/29, reflecting the dollar's weekend bounce against global majors.The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 45.29 and for the single European unit at Rs. 56.68. — PTI
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