Rupee steady

Friday, 19 July 2013 03:49 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended flat on Thursday at its 10-month low as dollar selling by banks offset importer demand for the green back in the absence of Central Bank intervention, dealers said. The rupee fell to 131.65 in intraday trading before closing flat at 131.60/65 to the dollar, its lowest since 19 September. “There were some bank selling in the later part of the day with morning importer dollar demand pushing the spot next to 131.90,” said a currency dealer. Dealers said the rupee would move in a range of 131.50 to 132.00 in the short term and would continue to depreciate unless the Central Bank took some monetary tightening measures. The rupee has fallen 4% since 7 June as foreign investors pulled out of Treasury bonds due to a rise in US Treasury yields.

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