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Mumbai, Jan 31

The rupee was flat as it tracked the Sensex. The rupee opened at 39.40 and closed at 39.37/38, unchanged from the previous close of 39.38. During the day it traded between 39.36 and 39.44. A forex dealer with a private bank said that public sector banks were seen on both the selling and buying sides. “It seems that the public banks have been told to curb the volatility in the forex market,” he said. The market was disappointed by the 50 basis point rate cut by the US Fed, announced yesterday, the dealer added. “The cut has come as more of a disappointment. A 50 basis point is not going to resolve any of the problems of the US. There are no positive signals,” the dealer said. Among global currencies, the dollar was flat against currencies such as the euro and yen and it gained slightly against the pound. In the forward premia market, the six-month closed at 2.07 per cent (2.24 per cent) and the 12-month closed at 1.73 per cent (1.84 per cent).

— Our Bureau

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