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Rupee weakens marginally to 47.87/$

Light month-end dollar demand weakened the rupee marginally Friday, but it ended off intraday lows, supported by adequate exporter dollar sales in mostly thin and lacklustre trade at the interbank foreign exchange (forex) market.

The rupee closed at Rs 47.8650/8700, mildly lower from Thursday's finish of Rs 47.85/86 after opening around Rs 47.8550/8650 and dipping to early intraday lows of Rs 47.8700/8750.

Rupee-dollar outright spot dealings were generally quiet and range-bound, despite the modest month-end dollar demand exerting mild pressure on the rupee, as there was enough dollar supplies from exporters, dealers said.

Rupee sentiments have recently turned for the better following the lifting of economic sanctions by the US and the current sharply low global oil prices.

The benchmark Brent crude oil price was trading around $ 22 per barrel in Asian trade, still hovering around near-18-month lows.

Marketmen expect the rupee to remain stable when it opens for business next Monday, unless the uncertainties arising from the developments in Afghanistan puts renewed pressure on the currency.

Reserve Bank of India fixed the reference rate at Rs 47.86 per dollar, as against Rs 47.89 Thursday

In cross currency trades, the rupee strengthened against both the Euro and British Sterling.

The Indian unit ended sharply higher against the single European currency at Rs 43.89/91 per euro from Thursday's finish of Rs 44.08/10 after opening around Rs 43.80/82.

Resuming on a firm footing against sterling at Rs 70.45/47 per pound from Rs 70.54/56, the rupee hardened further to close at Rs 70.30/32 per pound.

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