The Hindu Business Line : Rupee ends flat

The rupee opened stronger against the dollar on Thursday, but moved southwards during the day to close flat. Asian currencies have been stronger in the past two days, which was reflected in the buoyant rupee at open, said a forex dealer with a private bank. The positive trend in the domestic equity market also aided the rupee. However, strong dollar demand from importers exerted pressure on the currency. Big banks also bought dollars to meet their loan hedging requirements, the dealer said.

The rupee opened higher at 51.55 and fell to touch an intra-day low of 51.93. It recovered marginally to close at 51.88, against Monday’s close of 51.87. In the overseas markets, the dollar was relatively flat, against other major currencies on Thursday. However, the greenback had lost against other currencies in the past two days, the dealer said. In the forward premia market, the six-month closed higher at 3.35 per cent (3.16 per cent) and the one-year closed at 2.51 per cent (2.41 per cent).

— Our Bureau

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