The Hindu : Rupee ends lower

Online edition of India's National Newspaper
Thursday, Jan 02, 2003

Business

Business

Rupee ends lower

MUMBAI JAN. 1. The rupee ended lower against the U.S. currency today due to a spillover of overnight residual month-end dollar demand even as robust trade inflows limited its losses, as the outlook for the Indian currency remained positive at the start of the calendar year and poised for fresh gains. In mostly quiet to moderate trading at the interbank foreign exchange market, the rupee closed at 47.9900/9950 a dollar, slightly lower from Tuesday's finish of 47.97/98, but a smart rally from intraday low of 48.03/04 struck in early deals. It opened on a weak note at 48.00/01.

"A major portion of the month-end dollar demand that was not absorbed yesterday, spilled over to early trade today, pushing down the rupee to 48.03/04 after banks went relatively long on the dollar," a dealer said. adding, "But, supplies from export proceeds and inward remittances hit the market around noon, allowing the rupee to bounce back in the face of receding demand".

The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 47.99 and for the single European unit at Rs. 50.31.

PTI

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