Rupee ends firmer

Tuesday, 6 August 2013 00:22 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended firmer on Monday as exporter dollar sales offset early importer demand and a vigilant Central Bank eager to hold the greenback below Rs. 131.60 also forced dealers to shift to forward trades. Dealers said they moved to one-day forwards instead of spot trade after the Central Bank’s earlier direction to banks not to accept bids above Rs. 131.60 per dollar. The one-day forward, which was weaker in early trade, ended firmer at 131.62/65 per dollar from Friday’s close of 131.65/70. “There was some exporter conversion in the latter part of the day,” said a currency dealer on condition of anonymity. Central Bank officials were not available for comment. Dealers said the pressure on the currency remained as exporters adopted a wait-and-see approach, while remittances had also dried up. The downward pressure on the rupee could intensify if there were no dollar inflows in the short term, they added.

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