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Rupee remains steady

MUMBAI: Overcoming month-end pressures, the rupee on Friday ended barely changed at 45.08/09 a dollar after renewed exporter dollar sales and unwinding of long positions by banks helped it recover from the low of 45.15/16 in moderate trading at the interbank foreign exchange market.

The rupee opened distinctly weak at 45.11/12 against Thursday's finish of 45.0750/0900, tumbled to the session low of 45.15/16, then rallied to a high of 45.05/06 before settling at 45.08/09.

Sustained heavy month-end dollar demand from corporates and importers amid strained dollar supplies drove the rupee to a low of 45.15/16, but fresh exporter dollar sales led to unwinding of long dollar positions by banks, which helped the currency to rebound towards the close, dealers said.

PTI

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