Rupee Dips On Heavy Dollar Demand

The rupee slips against the greenback on August 30 on the back of heavy corporate demand for dollars. The rupee opened at 41, dipped to touch an intra-day low of 41.18 and finally ended at 41.16, against the previous close at 41.10/11. Dealers said the home currency opened strong tracking the buoyancy in the global stock markets but lost its gains as there was sustained dollar demand. The rupee is likely to be range bound in the next few days. In forwards, the six month closed at 1.22 per cent (1.07) and the 12 month ended at 1.29 per cent (1.15).

Source : www.indian-commodity.com