Rupee ends largely flat in dull trade

Reuters: The rupee closed little changed on Monday as importer dollar demand offset selling of the US currency by exporters, dealers said.

The spot rupee ended at 153.10/15 per dollar, compared with Friday’s close of 153.12/20.

“It was a very dull day. The rupee traded in a very narrow range,” said a currency dealer.

The rupee has lost 2.4% so far this year, but currency dealers say dollar demand has slightly waned, lending support to the rupee. The market has been waiting for more clarity over a foreign exchange management act introduced by the government last month.

Foreign investors have net bought equities worth Rs. 18.39 billion ($ 120.08 million) this year as of Monday’s close. They had bought government securities worth a net Rs. 62.4 billion as of 13 December, official data showed.