Rupee rules steady

MUMBAI, DEC. 13. The rupee regained recent losses against the U.S. currency on late exporter dollar sales and unwinding of long positions by banks in an otherwise thin and featureless trading at the inter-bank foreign exchange market here today.

The Indian unit ended at 46.7550/7650 a dollar, higher than Tuesday's finish of 46.7675/7725 after it was confined to a tight band of 46.7500/46.7750 in directionless business. The rupee opened at 46.7650/7750.

``The rupee was expected to come under renewed pressure after banks went long on the dollar in early deals and pushed the rupee down to 46.7700/7750. However, dollar sales in the afternoon induced banks to liquidate long positions and helped the rupee to bounce back smartly, a dealer said. ``It appears a large State run bank sold dollars towards the closing business hours", he added.

- PTI

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