Rupee steady as CB defends currency after lowering spot

Saturday, 21 February 2015 02:47 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended steady in dull trade on Friday as the central bank defended it via moral suasion, a day after the monetary authority allowed a 10 cent fall in the spot amid tepid dollar demand from importers, dealers said. Finance Minister Ravi Karunanayake said on 9 February that the rupee would be held steady at current levels and “there won’t be any devaluation at all.” The spot currency ended steady at 132.90/133.10 per dollar. “The spot (rupee) ended steady under restrictive market conditions in dull trade,” said a currency dealer asking not to be named. Central Bank officials were not immediately available for comment. The Central Bank has been defending the spot currency’s level at 132.80 since 6 February through Wednesday, before allowing it to trade 10 cents lower against the dollar. Trading in most forwards was thin after the central bank lowered the per day premium to two cents on 9 February from 5 cents, dealers said.

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