Rupee weakens

The rupee ended slightly weaker against the dollar in the interbank market on Monday, dealers said. The rupee closed at 115.61 against the dollar as compared to 115.59 in the previous trading session.

“The currency fell slightly in a dull trade. Bids and offers for the dollar remained in the range of 115.52 and 115.71,” a currency dealer said. The rupee was traded around the existing support level of 115.61/115.63. Many traders had already predicted that the rupee would bounce back to trade at 115.61 in the coming sessions. The local unit is expected to remain largely stable until the interim government takes office early next month. The rupee gave up earlier gains to trade weaker in the open market due to surge in foreign exchange demand.

The rupee closed at 117.60/117.90 against the dollar as compared to 117.30 and 117.60 on Friday.