Rupee slips from 1-week high

Tuesday, 28 January 2014 00:01 - - {{hitsCtrl.values.hits}}

Reuters: The rupee eased from its one-week high on Monday as foreign investors sold Treasury bonds and stocks and due to importer dollar demand in the absence of any intervention by State banks, dealers said. The spot rupee closed at 130.78/85 per dollar, weaker than Friday’s close of 130.60/70, its highest since 17 January. “There was some importer dollar demand, equity outflows and bond sales,” said a currency dealer. Dealers said the rupee is expected to fall in the absence of any intervention by the Central Bank. The Central Bank said on 20 January that inflows of $ 1 billion from a recent sovereign bond sale would be kept in reserve, contrary to market expectations that a part of the bond proceeding would be allowed to be traded in the market. The Central Bank had said on 2 January it expected the rupee to strengthen in the medium term and any direct intervention in the foreign exchange market would be minimum. The rupee has gained about 3.4% since it hit a record low of 135.20 on 28 August. It lost 2.5% in 2013.

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