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Rupee ends lower

MUMBAI NOV. 11. The rupee continued its slippery trend against the U.S. dollar and closed further weak at 45.30/31 a dollar today, amid moderate intervention by State-run banks and scattered corporate dollar demand.

The domestic currency opened firm at 45.2750/2850, stayed in a narrow band, with a weaker bias. The unit touched a high of 45.27 in the morning and a low of 45.31 in the afternoon, before closing at 45.30/31, down by 1.50 paise from Monday's close of 45.2850/2950. Cash dollar transactions remained dull today due to New York holiday. The market witnessed lacklustre trading. Dollar inflows were higher than the moderate import demand, but State-run banks pressed dollar buying when the rupee rose above the 45.30 level, a dealer said. The underlying sentiment for the rupee is strong on the back of robust trade, and investment inflows have outstripped dollar demand from importers so far this year. Foreign funds invested a total of $5.9 billion in Indian shares and bonds in 2003, he added. — UNI

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