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Rupee loses four paise

MUMBAI DEC. 31 . Despite a firm start, the rupee succumbed to heavy month-end and year-end dollar demand today, losing four paise in slightly nervous trade at the interbank foreign exchange market even as steady foreign fund inflows and exporter dollar sales limited its losses.

Ending the year at 45.60/61 a dollar, lower from Tuesday's close of 45.56/57, the rupee traded in a fairly broad range of 45.5300 and 45.6100 after opening on a firm footing at 45.53/54 due to the dollar's slide overseas, mainly against the Euro.

The single European currency touched 1.2606 against the dollar, a whisker away from all-time highs of 1.2610 struck last week. Hectic month-end and year-end dollar demand from banks for their corporate clients, mainly offshore oil companies, exerted renewed pressure on the rupee today.

PTI

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