Rupee ends steady in thin trade

Reuters: The rupee ended steady in thin trade on Friday as dollar selling by exporters and inward remittances offset demand for the U.S. currency from importers, dealers said.

Rupee forwards were active, with two-week forwards closing at 150.85/95 per dollar, little changed from Thursday’s close of 150.85/90. The spot rupee was quoted around the Central Bank’s revised reference level of 150.25, dealers said. “There was import demand but the inflows on remittances offset the demand,” a currency dealer said, requesting anonymity.

The currency will however face depreciation pressure due to seasonal importer dollar demand, dealers said.