The Hindu Business Line : Rupee falls tracking Sensex

The rupee was overall weak and fell by 10 paise due to the intra-day losses in the equities market. The sentiment in the stock market turned negative in the last hour of trade with the Sensex closing flat, up by 75 points. On Friday, the rupee opened at 49.70 and closed at 49.88, against Thursday’s close of 49.77. It traded in a range of 49.90-49.63 during the day. “The co-relation between the rupee and other global currencies is on the backside and the rupee i s now tracking the stock market,” said a forex dealer with a private bank. The dollar was strong against other global currencies except the yen, due to risk aversion on part of investors, the dealer said. The forward premia market saw some paying, as the rupee weakened, with the six-month closing at 2.75 per cent (2.67 per cent) and the one-year at 2.15 per cent (2.13 per cent). The rupee is likely to see more weakness next week due to month-end dollar demand. It may trade in the range of 50.10 -50.30 next week, the dealer said.

— Our Bureau

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