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Rupee ends steady
MUMBAI,
MARCH 16.
The rupee ended quietly steady against the U.S. currency today in yet another session of extremely thin and listless trading at the interbank foreign exchange market. After it was confined to a tight two paise band of 45.2250 and 45.2450 a dollar in muted business, the rupee closed at 45.2400/2450, unchanged from Monday's closing level.
Healthy trade and investment inflows continued to give the rupee underlying support, but small-lot dollar purchases by State-run banks at regular intervals, absorbed dollar supplies and kept the spot trade quiet and range-bound, dealers said. The rupee should rally tomorrow on the back of rising foreign fund inflows and a lingering weak dollar overseas, they added.
tate-owned banks buy dollars on behalf of the central banks to contain sharp rupee gains in order to protect exporters' interest.
PTI
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