Rupee loses 36 paise against greenback in week

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Mumbai, Aug 30 (UNI) The Rupee weakened over 36 paise at 43.78/79 against US Dollar on sustained month-end dollar demand from the corporates and oil refineries amid heavy volatility bouts in the week ended August 29.

The partially convertible Indian currency traded in a wide range band between 43.42 and 44.25 as volatility prevailed throughout the week due to short covering by the companies and US currency variance in the international currency market, dealers said.

The local unit even breached the level of 44.00 and hit a 17-months low of 44.25 per dollar, but was capped due to suspected intervention by the Reserve Bank of India, which prevented its further depreciation beyond 44.00 level, marketmen observed.

''The month-end demand of dollars by the corporates and oil refineries in the currency market kept on pulling down the rupee against greenback but RBI's intervention prevented its sharp fall during the week,'' a senior dealer with a leading private sector bank said.

Further, dealers were of the view that the local unit would follow the movements in the local stocks in the future sessions.


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