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The rupee ended at a three-week low against the dollar on Wednesday, as the US currency traded around seven-month highs against the euro, leading to increased greenback demand among importers, dealers said. But traders said the rupee was unlikely to ease much further as the market awaited dollar inflows from a sponsored equity offering in the United States by a large Indian software company. The rupee ended at 43.5375/5425 per dollar, compared with the previous close of 43.5150/5225 and its weakest since May 3 when it ended at 43.5850/5900.
"Corporates have stepped up dollar purchases ahead of the month-end," said a senior foreign exchange dealer in a foreign bank. "Also, the euro lost ground against the dollar and this weighed on the rupee towards close."
The dollar traded near seven-month highs against the euro as evidence piled up on weakness in the euro zone and wider European economy.

Copyright Reuters, 2005

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