BUSINESS

Rupee edges down

MUMBAI, OCT. 7. The rupee once again ended quietly steady against the U.S. currency today after strong trade and foreign fund inflows helped it overcome early pressures caused by spiralling oil prices to over $52 a barrel.

In quiet and range-bound trading at the interbank foreign exchange market, the rupee closed at 45.85/86 a dollar, a little changed from Wednesday's close of 45.85/87 after an early dip to 45.8750/8850. It opened weak at 45.87/89.

Rising global oil prices on supply concerns exerted pressure on the rupee early today after banks went long on the dollar in anticipation of demand from large oil corporates. Healthy trade and foreign fund inflows, however, aided market sentiment and helped the rupee recover initial losses in the absence of follow-up demand from oil companies, dealers said.

The U.S. light sweet crude for November delivery climbed 36 cents to $52.38 a barrel in electronic trading on the New York Mercantile Exchange, the highest level in the contract's 21-year history. London Brent North Sea crude for delivery in November rose 37 cents to $48.36 a barrel in electronic deals, also a new record.

— PTI