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Rupee steady

MUMBAI: After resuming firm, the rupee closed barely steady on Monday at 48.59/60 against the dollar on alternate bouts of buying and selling despite firm equity markets.

At the interbank foreign exchange market, the rupee opened sharply higher at 48.17/20 from last Friday’s close of 48.58/60 a dollar.

But higher levels could not be sustained and it dropped to a low of 48.70 before closing steady at 48.59/60. Dealers attributed the early rally to firm equity markets and expectations of more dollar sales in offshore markets.

However, dollar buying by some banks for clients, mainly oil refiners, weighed on the rupee in the later part of the day and it fell back to end stable.

Global crude oil prices were quoting above $46 a barrel in Asian trade. — PTI

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