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Mumbai, March 9

The rupee fell marginally against the dollar in a market that saw low volumes ahead of the two-day holiday. The rupee opened at 51.75 and weakened to touch an intra-day low of 52.01. It recovered marginally to close at 51.87, down 18 paise from Friday’s close of 51.69/70. The rupee was under pressure as the dollar registered gains against other major currencies in the overseas markets, said a dealer with a private bank. Weak domestic equity indices also impacted sent iments in the forex markets, he said. Importers bought dollars which pushed the rupee to 52 levels. There was some dollar selling by nationalised banks at these levels, which helped the rupee to recover to 51.85. For most part of the day, the rupee traded between 51.70-51.85, he said. Participants are not taking too many positions because of the two-day holiday. In the forward premia market, the six-month closed substantially higher at 3.16 per cent (2.42 per cent) and the one-year closed at 2.41 per cent (1.95 per cent). There was paying interest in the forward markets, a dealer said.

— Our Bureau

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