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Rupee weakens on dollar short covering


MUMBAI, SEPT. 6. The rupee lost considerable ground against the U.S. currency today after a late bout of heavy dollar short-covering amidst a firm dollar overseas, arrested a smart four-session rally in mostly quiet and range-bound trading at the interbank foreign exchange market.

Closing at 46.34/35 a dollar, the rupee lost nearly five paise from last Friday's close of 46.2950/3050 after resuming on a firm note at 46.3150/3250 and trading in a narrow band of 46.3100 and 46.3500 in directionless dealings. The rupee appreciated by 6-1/2 paise in four trading sessions last week.

Global dollar demand spurred heavy spot-dollar purchases by local corporates and importers amidst reduced dollar supplies due to the Labour Day holiday in the U.S., which exerted renewed pressure on the rupee. However, the forex spot trading remained dull and within narrow bands, partly affected by the closure of New York markets for Labour Day, they added. The dollar held its biggest advance in almost two weeks against the euro in early trade at London on expectations Federal Reserve Chairman, Alan Greenspan, will express optimism on the pace of job creation when he speaks before Congress on Wednesday. — PTI

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