Rupee weakens on offshore dollar demand

Rupee weakens on offshore dollar demand
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First Published: Fri, Sep 12 2008. 10 03 AM IST
Updated: Fri, Sep 12 2008. 10 03 AM IST
Mumbai: The Indian rupee weakened in early trade on Friday, as dealers bought dollars locally to sell it offshore and cash in on the high price differential.
One-month offshore non-deliverable forward contracts were quoting at Rs46.00/Rs46.10 per dollar, weaker than the onshore rate.
At 9:25 am the partially convertible rupee was trading at Rs45.69/71 per dollar, weaker than Rs45.56/57 at close on Thursday.
Dealers said the central bank was expected to intervene in the market to help the rupee if it falls steeply.
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First Published: Fri, Sep 12 2008. 10 03 AM IST
More Topics: Markets | India | Rupee | Weak | Dollar |