Rupee ends firmer

Tuesday, 16 September 2014 00:18 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended firmer on Monday, recovering from the previous session’s near-seven-week low as remittances and dollar sales by exporters helped boost the local currency amid a lack of importer demand for the greenback, dealers said. The rupee ended at 130.27/29 per dollar, compared to Friday’s close of 130.29/31, its lowest close since 21 July. “The (importer) demand which we have seen last few days is not there and we have seen some exporter (dollar) conversions and remittances,” said a currency dealer, asking not to be named. Dealers said there has been a pick-up in imports ahead of the 2015 Budget scheduled for November, but they expect the rupee to appreciate in the long term. The Central Bank will absorb the proceeds of National Savings Bank’s (NSB) $250-million bond sale, an official at the banking regulator said on Wednesday. Foreign investors bought a net Rs. 3.2 billion ($24.57 million) worth of Government securities in the week ended 10 September, official data showed.

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