Rupee opens low at 46.03 against US Dollar

Mumbai, Sep 25: The spot rupee on Thursday, Sep 25 resumed low at 46.03/05 against per US dollar compared to overnight's close of 45.95 on fresh month end dollar buying support from foreign banks and importers.

Dealers said Rupee weakened in early trade due to dollar demand from companies to repay overseas loans amid low volumes. However, expectations of central bank intervention kept a check on sharp falls, they said. Later, the partially convertible rupee moved in a wide range between 46.03 and 46.26 per dollar. Volume, however, is expected to be low due to bankmen strike. The volume had dropped about a third of the daily average on Wednesday, Sep 24.

Dealers said the market was awaiting the stock market open to gauge fund flows, with mixed signals provided by other Asian markets. The central bank, which had not intervened in early deals might do so in the event of any sharp fall.

UNI