Rupee Depreciates Against Dollar - June 20, 2008

The rupee went up around the 43 mark against the dollar on June 19, led by a falling equity index and dollar buying by foreign banks. Regular dollar selling by nationalised banks helped prevent a sharp fall in the rupee. The domestic currency opened at 42.93 and closed at 42.96, against the previous close of 42.89. The forward premia went up, driven more by sentiment. The six month closed at 3.28 per cent (2.82 per cent) and the 12-month at 2.99 per cent (2.53 per cent).