Rupee forwards end weaker on importer dollar demand

Tuesday, 2 December 2014 00:26 - - {{hitsCtrl.values.hits}}

(Reuters): Rupee forwards ended weaker on Monday as importer dollar demand surpassed inward remittances and exporter dollar sales, dealers said. The spot currency and three-day forwards, or spot-next, were not traded after the central bank capped the currency at predetermined levels to prevent volatility. Central Bank officials were not available for comment. Dealers said four-day forwards, or spot-next-next, were actively traded and ended at 131.80/90 per dollar, weaker from Friday’s close of 131.50/60. “The importer demand came in and rupee is weaker,” a currency dealer said. Overseas investors bought a net Rs. 456.7 million worth of Government securities during the week ended 26 November. They sold a net Rs. 38.6 billion ($ 294.66 million) in the nine weeks through 26 November data from the Central Bank showed

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