Rupee forwards end weaker on importer dollar demand

Saturday, 11 April 2015 01:46 - - {{hitsCtrl.values.hits}}

Reuters: Rupee forwards ended weaker on Friday as demand for the greenback from importers outpaced inflows from remittances, dealers said, ahead of a long weekend. Actively traded one-week forwards ended at 133.45/52 per dollar, down from Thursday’s close of 133.33/40. Two-week forwards ended at 133.60/70 per dollar compared with Thursday’s close of 133.45/55. “There was import demand and remittances are drying up,” said a currency dealer on condition of anonymity. People have been converting dollars into rupees ahead of public holidays on 13 and 14 April, dealers said, adding the local currency was expected to gain on higher seasonal inward remittances ahead of the Sinhala-Tamil New Year on 14 April. Dealers said the rupee currency might be under downward pressure with import demand picking up after the New Year. The Central Bank through moral suasion prevented the spot rupee from dropping below 132.90/133.20, a limit it set in February. Central Bank officials were not immediately available for comment.

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