Rupee turns weak against Dollar

MUMBAI: The rupee on Friday turned weak and was quoted at 40.47/48 against the US currency due to suspected intervention by the central bank and dollar buying by oil refinery companies. Firm dollar overseas against major rivals also dampened the rupee sentiment.

The rupee opened lower at 40.47/48 a dollar from yesterday's close of 40.43/44 per dollar and remained stable in late morning deals. Better-than-expected US economic data on jobs and the services sector mainly helped the dollar to recover yesterday against other currencies.

The rupee fell back following intervention by the Reserve Bank of India to protect the exporter's competitiveness.

Reports that the Prime Minister's office (PMO) will hold a meeting on Tuesday with Finance Minister and RBI Governor to clear the package for exporters also partly weighed on the rupee.

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