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Dollar going strong, rupee tumbels below 45 level

    Mumbai: The rupee today in the morning trading opened weak and fell below Rs 45 level by noon against the US dollar. In the Foreign exchange (forex) market the rupee opened weaker at 44.95/97 levels in the morning against Monday's close at 44.8750 per dollar and later fell down to Rs 45.04/45.50 level. One-month non-deliverable rupee forwards (NDFs) depreciated by over 0.6 percent against yesterday's close and were quoted at 45.15/25 per dollar in the morning trading. According to market analysts the rupee weakened sharply due to good dollar support from public sector banks at the resumption of trading. India's trade deficit which has risen to 3.19 billion dollars during September in the current fiscal as compared to 2.16 billion dollars in the same month a year ago is also the major reason for depreciation in the value of rupee against the US dollar. The dollar also derived strength from its firmness in international markets against major currencies. Buoyed by the prospects for rising US interest rates the dollar scored a two-year high against the yen in early Asian trading. Like yen the pound also went weaker this morning and touched the low at 1.7499 levels against the US dollar.