BUSINESS

Rupee little changed

MUMBAI OCT. 22. The rupee ended barely changed against the U.S. currency today after strong portfolio and trade inflows helped it overcome heavy corporate and import dollar demand, but trade was slow and directionless at the interbank foreign exchange market.

Closing at 45.3350/3450 a dollar, a shade lower from Tuesday's finish of 45.33/34, the rupee tumbled to intraday low of 45.39/40 in the afternoon, pulled down by hectic dollar demand from corporates and importers. It, however, opened on a firm note at 45.31/32, backed by a steady stream of foreign fund inflows.

Healthy foreign fund inflows gave the rupee underlying support, but sporadic dollar demand from State-run banks and customer purchases ahead of festival season weighed on the rupee value, dealers said. But, the general sentiment remains positive on the back of a steady flow of dollars from foreign institutional investors.

— PTI

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