Rupee weakens

The rupee edged down against the dollar on Tuesday due to increased dollar demand from importers, traders said.

In the interbank market, the rupee closed at 124.24 to the dollar, compared with the previous closing of 124.22.

“The local currency fell slightly in a dull trade. Bids and offers for the dollar remained in the range of 124.14 and 124.32,” a trader said.

The rupee was traded around the existing support level of 124.25/35. In the open market, the rupee remained steady due to smooth supply of the dollars. The local currency closed unchanged at 123.50 against the dollar in the kerb market.