Rupee ends weaker on importer dollar demand

Saturday, 23 September 2017 00:17 - - {{hitsCtrl.values.hits}}

Reuters - The rupee ended slightly weaker on Friday as dollar demand from importers outpaced selling of the U.S. currency by exporters, dealers said.

The spot rupee ended at 152.70/80 per dollar, compared with Thursday’s close of 152.65/75.

“There was commodity-related (dollar) demand and there were not many conversions,” 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.

Rupee...

The island nation saw Rs. 17.7 billion ($115.91 million) of net inflows into equities this year as of Friday’s close, and Rs. 17.3 billion worth inflows this year into government securities as of 20 September, official data showed.