Rupee at near 4-month high on dollar inflows

Friday, 25 October 2013 03:27 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended firmer at a near four-month high on Thursday, despite dollar-buying by the Central Bank to curb a sharp rise, on dollar sales by exporters and foreign buying in John Keells Holdings. Spot rupee ended at 130.57/60 per dollar, its highest close since 8 July and firmer than Wednesday’s close of 130.70/77. Central Bank Governor Ajith Nivard Cabraal told Reuters on Wednesday the rupee was under appreciation pressure and the Central Bank had been intervening to curb a sharp rise. Cabraal on Thursday told Reuters that the Central Bank was on the buying side and dealers said two State banks, through which the Central Bank usually directs the market, were seen buying dollars at Rs. 130.60. The rupee has risen 0.4% so far this week. Dealers said foreign buying in conglomerate John Keells Holdings for a fourth day helped boost the currency. The company is raising $299 million by selling rights and warrants to fund a $850 million resort project. The deadline to raise the money is Friday. The rupee hit a record low of 135.20 on 28 August, but has managed to stem further losses and has risen 3.53% since then.

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