Rupee steadies on exporter dollar sales

Tuesday, 30 July 2013 00:04 -     - {{hitsCtrl.values.hits}}

Reuters: The rupee firmed marginally on Monday as exporters sold dollars, but it still ended near a 10-month closing low. The rupee finished at 131.55/65, recovering from Friday’s close of 131.60/70. On Thursday it hit its lowest close since Sept. 19 of 131.65/75. “Exporter flows helped the rupee to strengthen with less demand for dollars,” said a currency dealer. Dealers expect the rupee to move in a range of 131.50 to 132 in the short term and said the currency would continue to depreciate unless the Central Bank took some monetary tightening measures. The rupee has fallen 4% since 7 June as foreign investors pulled out of Treasury bonds due to a rise in US treasury yields.