Friday, Mar 19, 2004
Friday, Mar 19, 2004 |
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MUMBAI, MARCH 18. The rupee ended quietly steady against the U.S. currency today after gyrating either-way on alternate bouts of mild dollar buying and selling in moderately active trading at the interbank foreign exchange market. Closing at 45.2400/2450 a dollar, the same level for the third straight day, the rupee hit an early high of 45.22/23 on healthy foreign fund inflows and dipped to the day's low of 45.25/26 on light dollar demand from state-run banks, possibly on behalf of the Central Bank, dealers said. It opened at 45.24/25. Steady trade and investment inflows and a lingering weak dollar overseas continued to give the rupee firm underlying support, but suspected central bank intervention through public sector banks contained the rupee gains and kept the spot trade within narrow bands, a forex dealer said. State-owned banks buy dollars on behalf of the Reserve Bank of India to curb rupee gains in order to protect exporters' interest. The RBI fixed the reference rate for the U.S. currency at Rs. 45.22. — PTI
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