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Our Bureau

Mumbai, Aug. 1

The rupee slipped marginally against the US dollar on the back of demand from oil companies for dollars. The home currency opened weak at 46.61/63 and touched an intra-day low of 46.65 to finally close at 46.59. On Monday, the rupee ended at 46.55/56. Dealers said that the rupee recovered after touching the intra-day low of 46.65 on account of the rating agency Fitch upgrading India's sovereign rating. "The Fitch ratings have upgraded India's rating to investment grade," said a dealer at a private bank. The rupee opened weak, tracking the movement of yen against the dollar. The Japanese currency weakened on account of strong US data released yesterday, he said. The dollar was strong against the major global currencies as well. The rupee is expected to be range-bound in the coming days, the dealer said. In the forward premia market, the six-month ended at 1.09 per cent (1.05 per cent) and the 12-month ended at 1.17 per cent (1.15 per cent)

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