Psb Dollar Suction Slices Spot, Call Lifts Forwards

The spot rupee weakened by five paise today due to heavy dollar buying by the public sector banks to close at 48.7350/7400. Forward premiums rose sharply as call rates stayed at a higher than expected levels.

The Indian currency opened at 48.6950/70 against the dollar. The currency, however, started slipping soon after. A forex dealer with a foreign bank said,