The Hindu Business Line : Rupee ends flat

The rupee closed flat against the dollar after opening stronger on Monday, due to strong dollar buying. While the gains made by the stock market led to the rupee appreciating in the earlier session, the dollar demand by oil companies and foreign banks pared the rupee's gains, said forex dealers.

The rupee opened at 44.35 and touched a high of 44.15, before closing at 44.60, against Friday's close of Rs 44.73. "The surge in the stock market was a feel good factor for the rupee. But factors like inflation and current account deficit are still weighing heavily on the rupee," said the chief forex dealer of a private sector bank.

The progress on the nuclear deal was also seen as a positive factor for the rupee, the dealer said. In the forward premia market the six month closed at 2.88 (2.83 per cent) and the 12-month at 2.6 (2.5 per cent). - Our Bureau

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