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MUMBAI, JAN. 1. Heavy late dollar demand by foreign banks put pressure on the rising rupee, that ended a little lower against the U.S. currency at the interbank foreign exchange market, leaving hopes of increased demand tomorrow in the absence of dollar supplies with a holiday for New York Exchange market.

Opening firm at Rs. 48.17/19 a dollar on sustained dollar selling by most of the banks including public sector as well as foreign and private, which generally were seen reducing long positions built in the past couple of weeks, the rupee later came under fairly heavy pressure following dollar purchases by select foreign banks.

The rupee later closed slightly weak at Rs. 48.2650/2750 a dollar as against overnight close of 48.24/25.

- PTI

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