Rupee steady near 2-month high

Tuesday, 24 December 2013 00:39 -     - {{hitsCtrl.values.hits}}

Reuters: The rupee ended little changed on Monday amid inward remittances and exporter dollar sales, though a state bank bought dollars to curb any sharp appreciation in the local currency, dealers said. The spot rupee ended flat at 130.70/73 per dollar, its highest close since 25 October. The currency gained 0.14% last week. Dealers said one of the two State-run banks, through which the Central Bank usually directs the market, bought dollars at Rs. 130.70. Dealers said the rupee could be under pressure when demand for the dollars from importers picks up in January. They expect the currency to hover near the current level amid upward pressure until the end of this year. Currency dealers said the rupee was facing upward pressure as expatriates were sending money to their families ahead of Christmas and New Year. The rupee has gained 3.4% since it hit a record low of 135.20 on 28 August.