Rupee ends steady on State bank dollar sales

Reuters: The rupee ended steady on Friday as a State-run bank kept the selling rate at 133.80 to the dollar amid demand for the greenback from importers and inward remittances ahead of the Muslim festival of Eid, dealers said.

The spot currency closed unchanged for a fourth straight session on Friday, after it fell for the first time in seven sessions on Monday following the State-owned bank’s decision to raise the dollar-selling rate by 0.15% to 133.80.

“The rupee is steady on State bank selling despite importer (dollar) demand,” said a currency dealer.

The rupee has been under pressure due to more than Rs. 80 billion ($598 million) worth Government securities maturing this week, the dealer said.

The Central Bank has, however, kept the currency from falling further through the sale of Treasury bonds, development bonds and T-bills, dealers said.

Central Bank officials were unavailable for comment.