Rupee opens weak against Dollar
A sharp negative turnaround on the market, which fell by about 193 points during morning trade, also exerted pressure on the Rupee.india Updated: Jul 21, 2006 11:23 IST
The Rupee on Friday weakened marginally against the US Dollar after the overnight pull-back rally following Dollar buying from oil corporates amid retreating Dollar overseas.
A sharp negative turnaround on the market, which fell by about 193 points during morning trade, also exerted pressure on the Rupee.
In quietly active trade at the interbank foreign exchange (forex) market, the Rupee opened steady at Rs 46.78/79 a Dollar from overnight close of Rs 46.7850/7950 per Dollar, but later came under pressure and depreciated to Rs 46.83/84 a Dollar in late morning deals.
"Banks were seen making Dollar purchases on behalf of oil companies, which anticipated higher import payment in the light of high crude oil prices," forex dealers said.
Dealers, however, clarified that Dollar demand certainly was not strong and the activity was moderate.
Meanwhile, the Dollar remained weak in international markets.