Rupee retreats

Saturday, 2 November 2013 00:00 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended weaker on Friday, after hitting a near one-week high earlier in the day, on dollar buying by State-run banks, while year-end seasonal importer demand also weighed on the rupee. The spot rupee closed at 131.00/05 per dollar, weaker from Thursday’s close of 130.85/92, its highest close since 25 October. “Two State banks bought dollars to cover oil import bills,” said a currency dealer. Central Bank Governor Ajith Nivard Cabraal on Friday said the rupee could come under pressure due to importer dollar demand, for consumer-related goods ahead of the December festival season, but the market could manage the demand “itself without much intervention”. The currency, which appreciated 0.4% last week on foreign buying in the rights issue of Sri Lanka’s biggest conglomerate John Keells Holdings Plc, hit a near four-month closing high on 24 October. The rupee hit a record low of 135.20 on 28 August, but has managed to stem further losses and is up 3.19% since then.

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