Rupee ends weaker on importer dlr demand

Friday, 30 June 2017 00:00 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended weaker on Thursday due to dollar demand from importers and as an expected rise in imports pressured the local currency, dealers said.

The spot rupee, which has been trading for the eighth straight session after being inactive for six weeks, ended at 153.50/60 per dollar, slightly weaker from Wednesday’s close of 153.40/50.

The spot rupee resumed trading on 19 June for the first time since 5 May when the Central Bank fixed its reference rate at 152.50.

“There was importer (dollar) demand due to month-end imports and also the end of half year. The demand was mainly from local banks,” said a currency dealer, requesting anonymity.

“There are no large exporter-conversions or remittances.”

Dealers said they expected seasonal demand for the dollar to pick up from August.