Rupee range-bound

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Our Bureau

Mumbai, Feb 24

The rupee was range bound against the US dollar and traded between 44.43 and 44.45 on Friday. Dollar demand by oil companies was met by ample supplies as custodian banks sold dollars, said dealers.

The rupee opened at 44.40/42 and touched a low of 44.47 on demand in the early session of trade. It ended at 44.43/44, unchanged from Thursday's close of 44.43/45.

"There was intervention by the central bank at the level of 44.40. Due to this, there was no speculative selling. The rupee seems well supported by RBI as they want to maintain export competitiveness," said a forex dealer.

All other currencies such as yen, dollar and pound were also flat against the dollar.

In the forward premia market, the six-month premium closed at 2.21 per cent (2.05 per cent) and the one-year premium closed at 1.85 per cent (1.72 per cent).

Next week, the rupee could appreciate if the Budget has measures to encourage FII inflows, dealers said.

(This article was published in the Business Line print edition dated February 25, 2006)
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