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Our Bureau

Mumbai , Nov. 28

THE rupee breached the psychological level of 46 against the US dollar on Monday for the second time in November as importers, particularly on behalf of oil companies, bought dollars to meet the month-end demand.

Dealers said the dollar has also strengthened against other currencies. The rupee opened at 45.90/91 and touched a low of 46.02 before ending trade at 45.96/97, 16 paise lower than the previous close of 45.80/81.

According to dealers, there were quite a few trades at 46.02. The rupee had fallen to 46.05 on November 8. The dollar appreciated against most currencies such as the yen, the euro and the pound, which added to the pressure on the rupee, said the dealers. There was a bit of selling by exporters, which helped the rupee cut losses.

"The sentiment for the rupee is not bullish at the moment. I expect the rupee to trade in the 46.10-46.20 range the next two days," said Mr V. Rajagopal, Chief Dealer-Forex, Kotak Mahindra Bank.

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