Rupee edges up from six-week low

Saturday, 16 November 2013 00:00 - - {{hitsCtrl.values.hits}}

Reuters: The rupee edged up on light volume from a six-week low on Friday due to dollar sales by banks and inward remittances, currency dealers said. The trading volume was sluggish because of frequent road closures for a Commonwealth summit, hitting business activities in Colombo, dealers said. They said the rupee was still under downward pressure due to importer dollar demand ahead of the year-end festive season. The spot rupee ended at 131.10/12 per dollar, up from Thursday’s close of 131.10/20, which was near its lowest close since 4 October. “There were demand for dollars, but people cannot find them as they faced problem in coming to banks and submit documents,” a currency dealer said on condition of anonymity. Due to limited trading opportunities in the spot rupee, banks and dealers traded three-day forwards actively. Three day forward or spot-next ended at 131.12/15 per dollar, firmer from Thursday’s close of 131.22/25. Dealers expect the currency to be weighed down by continued importer dollar demand ahead of the December festive season. However, the pressure on the rupee should start to ease off on offshore remittances by the middle of next month, they said. The rupee hit a record low of 135.20 on 28 August, but has managed to stem further losses and has gained 3.10% since then.

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