Rupee forwards ease on importer dollar demand

Saturday, 3 January 2015 03:08 - - {{hitsCtrl.values.hits}}

Reuters: Rupee forwards ended weaker on Friday as importer dollar demand surpassed inward remittances, while exporters stayed away hoping for further weakening of the currency, dealers said. Four-day forwards, which were actively traded, ended at 132.25/30 per dollar compared with Thursday’s close of 132.20/30, dealers said. “There were inward remittances, but importer demand was also seen. There is pressure to depreciate,” a dealer said. Rupee forwards were maintained around 132.00 in December as the Central Bank defended the currency through moral suasion. The spot currency was not traded on Friday. Dealers said unusually high imports towards the end of 2014, amid lower interest rates and a stable exchange rate, pressured the rupee. The spot currency remained between Rs. 130.00 and Rs. 131.75 throughout 2014, with the Central Bank defending it at both ends to ensure a stable exchange rate. It fell 0.3% for the year, Thomson Reuters data showed.

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