Rupee ends lower on importer dollar demand

Friday, 8 September 2017 00:00 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended marginally weaker in thin trade on Thursday as importer dollar demand outpaced selling of the US currency by exporters and banks, dealers said.

The spot rupee ended at 152.70/80 per dollar, compared with Wednesday’s close of 152.55/65.

“There was a bit of buying by smaller banks, a bit of importer demand was seen,” said a currency dealer, requesting anonymity.

The rupee has been under pressure since January after the Central Bank stopped defending the currency and started buying dollars to build up the country’s depleted foreign currency reserves.

The island nation had seen Rs. 27.7 billion ($ 181.52 million) of net inflows into equities up to Thursday’s close, and Rs. 5.7 billion worth inflows into government securities as of 23 August, official data showed.