Rupee weaker by 30 paise at 48.82 per US dollar

Mumbai, Oct 16 (UNI) The Rupee drifted lower for the second consecutive day today by 30 paise and ended weaker at 48.82 against the dollar on heavy demand for greenbacks by foreign banks and oil companies.

The partially convertible rupee resumed low at 49 and later it was range bound between 49.08 and 48.65 per dollar and eventually weaker at 48.82. It had fallen to 49.05 in early deals.

Dealers said state-run banks were selling dollars at various levels to help the rupee trim its losses.

A steep slide in the local stock market raised worries of capital outflows. The main share index was down more than 2 per cent recovering from a more-than-7 percent fall in early trade.

Dealers said offshore-related dollar demand was also putting pressure on the rupee. One-month non-deliverable forward contracts were quoted at 49.73/88 per dollar, weaker than the onshore spot rates. Reserve Bank of India (RBI) bought dollars at the rate of 49.02. Some leading nationalised banks bought dollars at 48.75 per dollar in intra day deals.

Meanwhile, the RBI today fixed the reference rate for US dollar at Rs 48.86 per unit, up by 43 paise, against yesterday's rate of Rs 48.43 per dollar. The reference rate for Euro eased by 40 paise at Rs 65.51 per unit from it last close of Rs 65.91 per unit, a RBI release said.

However, the six-month and annualised forward dollar premiums were higher by 0.48 (0.45) per cent and 0.44 (0.31) per cent respectively.

The Rupee today again eased at 65.84/86 (65.80/82) per unit against the Euro. It closed at 84.02/04 (84.78/80) per unit against the Pound Sterling and at 48.22/24 (47.92/94) per hundred units against the Japanese Yen.

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