Rupee closes steady as importer dollar demand offsets exporter selling

Reuters: The rupee closed little changed on Friday as importer dollar demand offset selling of the U.S. currency by exporters in late trade, dealers said.

The spot rupee, which traded at 153.30 per dollar during the day, ended at 153.12/20 per dollar, compared with Thursday’s close of 153.10/20.

“Import settlements were there today. But inward remittances at the latter part of the day eased the pressure on the currency,” said a currency dealer.

The rupee has lost 2.3% so far this year, but currency dealers say dollar demand has slightly waned, lending support to the rupee.

The market has been waiting for more clarity over a foreign exchange management act introduced by the government last month.

Foreign investors have net bought equities worth 18.32 billion rupees ($119.66 million) this year as of Friday’s close. They had bought government securities worth a net 60.4 billion rupees as of Dec. 6, official data showed.