Rupee Depreciates On Dollar Demand - Sep 24, 2008

The rupee closed almost 20 paise lower owing to strong dollar demand and a weak domestic equity market. The rupee opened at 45.50 and touched a low of 45.94 during day trade. The domestic currency closed at 45.73, against the previous close of 45.44/45. There was dollar selling by the central bank at levels of 45.83, which helped the rupee recover towards close. There are concerns that there could be more outflows from the capital market, said the dealer. In the forward premia market, the six-month closed at 1.6 (1.66 per cent) and the 12-month at 1.34 (1.38 per cent)