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Rupee ends lower

MUMBAI: Late dollar covering by banks and strong dollar overseas on Friday weakened the rupee to close at 46.5150/5250 a dollar in quiet trading at the interbank foreign exchange market.

Initially, the rupee recovered smartly to 46.4450/4550 after resuming weak at 46.49/51, following exporters' dollar sales and unwinding of dollar positions by banks amid fairly heavy FII inflows into the equity market. The RBI fixed the reference rate for the U.S. currency at Rs. 46.52 and for the single European unit at Rs. 59.34. — PTI

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