Rupee weakens by 35 paise against USD

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Mumbai, Aug 25 (UNI) The Rupee today weakened by 35 paise to close at 43.78/79 against the US Dollar from its previous close of 43.42/43 as the greenback edged higher in the International market.

The partially convertible Indian currency fell in line with other Asian units as the dollar rose to a two-year high against the sterling, dealers said.

Local unit opened almost flat at 43.42/44 per dollar in early trade and extended the loss against the greenback till late trade, finally ending the day at the intra-day low.

The month-end demand of dollars by the corporates and oil refineries in the currency market also pulled down the rupee against the US unit, dealers said. They expect that the rupee may extend the losses on similar ground in the future sessions.

Rupee had touched a 18-month low of 43.87 earlier in the week.

Meanwhile, the Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 43.58 per unit, 20 paise up against yesterday's rate of Rs 43.38 per dollar.

The six-month and annualised forward premium was quoted lower at 3.04 (3.80) per cent and 2.59 (3.07) per cent, respectively.

The Rupee ended the day at 64.54 (64.26/27) per unit against the Euro. It closed at 80.96 (80.57/58) per unit against the Pound Sterling. Rupee ended at 39.80 (39.52/53) per hundred units against the Japanese Yen.

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