Rupee firmer on remittances

Wednesday, 19 March 2014 00:57 - - {{hitsCtrl.values.hits}}

Reuters: The rupee rose on Tuesday as inflows from inward remittances outpaced importer dollar demand, dealers said. The spot rupee ended at 130.58/64 per dollar, compared with Monday’s close of 130.63/70. “Normal remittances amid lack of importer dollar demand pushed the rupee up,” said a currency dealer on condition of anonymity. Contrary to market expectations, the local currency has been gaining ahead of the traditional New Year in April. Usually, the rupee falls in March and early April due to higher import demand ahead of the Sinhala-Tamil New Year. However, dealers said they are yet to see higher import demand. The currency has gained 0.33% in the last 14 sessions through Tuesday, Thomson Reuters data showed. It has been on a rising trend since 27 February amid weak demand for dollars from importers, dealers said. Dealers said the rupee was expected to trade in a range of 130.50 to 130.75 in the near term.

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