Rupee forwards end firmer on dollar sales by banks, exporters

Saturday, 29 November 2014 00:04 - - {{hitsCtrl.values.hits}}

Reuters: Rupee forwards gained on Friday due to inward remittances and exporter dollar sales and as banks offloaded the greenback due to limited dollar demand from importers. The spot currency and three-day forwards, or spot-next, were not traded after the central bank capped the currency at predetermined levels to prevent volatility. Central Bank officials were not available for comment. Dealers said four-day forwards, or spot-next-next, were actively traded and ended firmer at 131.50/60 per dollar compared with Thursday’s closing level of 131.65/75. “There were inward remittances, exporter conversions and banks’ selling to cover the net opening positions as there were no importers in the market,” a currency dealer said. Overseas investors bought a net Rs. 457.8 million worth of Government securities during the week ended 19 November. They sold a net Rs. 39.1 billion ($ 298.5 million) in the eight weeks through 19 November 19, data from the Central Bank showed.

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