Rupee steady, Importer demand offsets remittances

Wednesday, 13 November 2013 00:01 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended steady yesterday as exporter dollar conversions and inward remittances helped to offset dollar demand from banks to meet the year-end seasonal importer rush, dealers said. The spot rupee ended at 131.07/13 per dollar almost steady from Monday’s close of 131.10/13 per dollar. It ended at a more than one-month closing low of 131.15/22 on Friday. 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 has gained 3.1% since then.

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