Date:14/07/2006 URL: http://www.thehindubusinessline.com/2006/07/14/stories/2006071404420600.htm

Back Rupee slips to 46.33

Our Bureau

Mumbai, July 13

The rupee touched a low of 46.33 on account of heavy demand from several oil companies. The domestic currency opened at 46.28/29 and was in the range of 46.27-46.29, to finally close at 46.33. On Wednesday, the rupee closed at 46.24.

Dealers said that there was a strong demand from domestic oil companies. Dollar buying intensified later in the day, said a dealer at a private bank. "Demand for dollars today was more than the supply which strengthened it," he said.

The rupee was also impacted by the movement of the greenback against other global currencies especially yen and euro. "Yen weakened against the dollar over speculations about a possible change in interest rates to be announced in a meet by Bank of Japan," he said. In the forward premia market, the six-month closed at 1.02 per cent (1.10 per cent) and the 12-month at 1.16 per cent (1.21 per cent).