Rupee steady in lacklustre trade

Tuesday, 26 November 2013 00:01 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended steady on Monday in dull trade as thin importer dollar demand was offset by the exporter greenback conversions, but the currency is still under downward pressure though banks traded rupee at a flat rate, dealers said. The banks’ reluctance to trade the rupee above 131.10 per dollar limited the fall. The spot rupee closed flat at 131.10/20 per dollar. Two dealers said banks were not willing to trade the currency above 131.10 per dollar, a level seen as desirable by the Central Bank, and forward trade was active. “The spot was not traded. Nobody is dared to buy spot above 131.10,” a currency dealer said on condition of anonymity. Three-day forward or spot next was traded steady at 131.22/25 per dollar, dealers said. While presenting the 2014 Budget, President Mahinda Rajapaksa, who is also the Finance Minister, said maintaining a flexible exchange rate regime along with productivity improvement is important to achieve the export revenue target of $20 billion in 2020. Dealers and banks, however, said there would be hardly any change in the central bank’s exchange rate policy as it is already under a flexible regime, though is managed. The rupee hit a record low of 135.20 on 28 August, but has managed to stem further losses and has gained 3.10% since then.

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