Rupee steady

Tuesday, 3 September 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: The rupee ended steady in dull trade on Monday as importer demand for the greenback offset early dollar sales by exporters, but dealers said the currency was still under downward pressure on a lack of foreign inflows. The rupee spot next or one-day forward, which was active in the market in the absence of spot trade, ended at Rs. 133.00/10. “There was not much of a trade. But the rupee is still under pressure to depreciate because we don’t see any strong foreign inflows coming in,” a currency dealer said on condition of anonymity. The rupee cannot be defended for long without strong dollar inflows, dealers said. The rupee hit a record low of Rs. 135.20 per dollar on Wednesday, amid panic buying by importers, before the Central Bank Governor said the currency movement was an aberration. Spot rupee was quoted at Rs. 133.00, Thomson Reuters data showed. The rupee has been falling since early July with foreign investors pulling out of Sri Lankan treasury bonds as US Treasury yields rose on expectations the Federal Reserve would soon begin to taper its massive bond buying program. The rupee has fallen 5% since 7 June and nearly 4.1% so far this year, after depreciating by around 10% in 2012.

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