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Tuesday, May 03, 2005

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Rupee weakens against $

MUMBAI: The rupee on Monday weakened against the U.S. currency on renewed dollar demand at sharply lower levels, undergoing a technical downward correction from the weekend surge to over 2-3/4 month high in moderately active trading at the interbank foreign exchange market.

Closing at 43.5750/5800 a dollar, lower from last Friday's 2-3/4 month closing high of 43.52/54, the rupee was wedged in a range of 43.5600 and 43.6000 in mostly directionless trade.

The rupee opened weak at 43.58/59 on the back of a robust dollar overseas.

Despite bunched up weekend dollar supplies and sliding global oil prices, the rupee underwent a downward correction on Monday due to fresh dollar demand at lucrative levels amid a strong dollar overseas, dealers said. Fears of central bank intervention in support of the dollar also weighed on rupee value, they added. — PTI

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