Rupee weak

The rupee closed slightly weaker against the dollar on Tuesday in the interbank market owing to increase in the demand for the greenback from the importers, a forex dealer said.
The rupee fell 10 paisas to close at Rs101.58 to the dollar in the interbank market against the previous closing of Rs101.48.
Analysts said the dollar has been gaining against the rupee for the last couple of months despite increasing foreign exchange reserves mainly due to a weak economic outlook.
Currency experts found no reason for the dollar’s gain against the local currency except the weak fundamentals of the economy.
However, they said the US currency has been gaining against all major currencies for the last three to four months. Experts believe the oil price trend has changed some fundamentals of the exchange rates.