Rupee steady at over six-week high

Tuesday, 10 December 2013 00:11 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended steady on Monday at more than a six-week closing high, surrendering early gains as late importer dollar demand outpaced greenback inflows from inward remittances, dealers said. The spot rupee ended at 130.80/81 per dollar, hovering near its highest close since 25 October and hardly changed from Friday’s close. It has gained nearly 0.4% in six straight sessions though Friday. Currency dealers said trading was dull as most of the traders were in a holiday mood and the Central Bank’s policy rates decision had no impact on the currency. The Central Bank kept key policy interest rates steady as expected, saying the outlook for inflation remained favourable. Central Bank Governor Ajith Nivard Cabraal said last week that the rupee was expected to remain steady at current levels with most inflows being remittances. Currency dealers said the rupee was facing upward pressure as expatriates were sending money for their families ahead of Christmas and the New Year. The rupee has gained 3.4% since it hit a record low of 135.20 on 28 August.

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