Rupee firmer on exporter conversion, remittances

Tuesday, 12 November 2013 01:38 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended firmer on Monday from its more than one-month closing low as exporter dollar conversions and inward remittances outpaced dollar-buying by banks for the year-end seasonal importer demand, dealers said. The spot rupee ended at 131.10/13 per dollar, firmer from Friday’s close of 131.15/22, which was the lowest close since 4 October. Though moral suasion or intervention by the Central Bank was not seen, dealers said banks did not trade spot above 131.10 and traded three-day forwards instead of the spot rupee. 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 is up 3.1% since then.

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