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Rupee ends steady

MUMBAI: As if welcoming the Reserve Bank of India’s decision to keep key rates steady, the rupee remained stable and ended at 39.3750/3850 against the dollar on Tuesday. It closed at 39.38/39 on Monday.

The rupee resumed stronger at 39.34/35 a dollar following a sharp surge in the Asian stocks and amid expectations of a repo rate cut by the central bank.

It dropped to 39.42 level, after a sharp fall in local stocks and the Reserve Bank’s announcement of quarterly review of monetary policy.

Forex dealers said there were lot of factors in favour of the rupee but emergence of month-end dollar demand from oil refiners and sustained capital outflow continued to weigh on the sentiment. — PTI

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