Rupee weak

Rupee edged down on Monday due to increased dollar demand from importers, currency dealers aid. In the interbank market, rupee closed a little weaker at 110.57/dollar compared with the previous close of 110.55.

Traders said rupee was little changed. But, some demand for the foreign currency came from importers. “Rupee was quoted around the existing support level of 110.55/110.58,” a dealer said. “There were some activities as importers bought dollars to settle their payments.”

The domestic currency posted nominal gains against the greenback in the open market foreign exchange trade. The currency pair closed higher at 111.50 and 111.80 for buying and selling. It hovered at 111.80/112.10 versus the dollar in the last trade.