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Business News/ Opinion / Online-views/  Rupee weakens on offshore dollar demand
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Rupee weakens on offshore dollar demand

Rupee weakens on offshore dollar demand

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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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Published: 12 Sep 2008, 10:03 AM IST
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