Rupee ends firmer on exporter dollar sales

Reuters: The rupee closed slightly firmer on Monday as exporter dollar sales surpassed importer demand for the US currency, dealers said.

The spot rupee ended at 152.90/95 per dollar, compared with Friday’s close of 152.95/153.00.

“There were some dollar conversions. Some exporters sold the dollars,” said a currency dealer, requesting anonymity.

The rupee has been under pressure since January after the central bank stopped defending the currency and started buying dollars to build up the country’s depleted foreign currency reserves.

The island nation has seen Rs. 28 billion ($ 183.19 million) of net inflow into equities up to Monday’s close and Rs. 5.7 billion worth inflows into government securities up to 23 August, official data showed.