Rupee ends steady

Reuters: The rupee ended steady for a sixth straight session on Friday in dull trade as demand for more dollars by importers was offset by selling of the greenback at 133.60 by a State-run bank, dealers said.

The State-owned bank, through which the Central Bank usually directs the market, has kept the selling rate of the dollar at 133.60 since 2 July, dealers said.

“There was (importer) dollar demand today. The State bank is selling at 133.60,” a currency dealer said.

The currency has appreciated 0.45% since it hit a record low of 134.20 against the dollar on 18 June.

The Central Bank may not be able to sustain the rupee’s appreciation trend as import demand could pick up due to lower interest rates, dealers and analysts said.