Rupee gains on dollar sales by banks, exporters

Saturday, 5 October 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: The rupee rose on Friday to its highest close in two-and-a-half months on dollar sales by banks and exporters despite mild importer demand for the greenback, dealers said. The rupee spot closed at Rs. 131.15/21, its highest close since 17 July and firmer than Thursday’s close of Rs. 131.35/45. Central Bank Governor Ajith Nivard Cabraal said in an interview with Reuters that the rupee would “behave in a stable manner” in the next few months as the monetary authority has taken steps needed to deal with a volatile environment. A weak dollar, languishing around an eight-month low against a basket of currencies on Friday as the US budget standoff drags on, also helped sentiment. The rupee hit a record low of Rs. 135.20 on 28 August, but has managed to stem further losses since then. It has risen 3.2% since hitting its all-time low. The currency is down 2.8% this year, after depreciating about 10% in 2012.

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