Rupee weakens on dollar demand:BL 241209

The rupee weakened slightly from its previous close due to dollar demand from importers, said dealers. The
rupee opened at 46.83 and closed at 46.87, against the previous close of 46.81. According to a dealer with a
public sector bank, there is demand for the dollar from importers as they fear further appreciation in the
rupee, which is why the currency weakened despite the huge gains in the stock markets. Volumes continued
to be thin as banks did not want to take positions ahead of the long weakened and Christmas holidays, said
dealers. In the overseas market, the dollar was strong against other global currencies like the pound and
yen. In the forward premia market, the one-year premium closed unchanged at 2.81 per cent.