Rupee ends lower

MUMBAI, DEC. 14. The rupee ended a notch lower against the U.S. currency today on light corporate dollar demand in yet another day of dull and shallow trading at the inter-bank foreign exchange market.

The Indian unit closed at Rs. 46.7650/7700 a dollar, a shade lower from Wednesday's finish of 46.7550/7650 after it was wedged in a tight band of 46.7550 and 46.7700 in muted business. The rupee opened lower at 46.7650/7750.

Moderate dollar demand from corporates and importers weakened the rupee marginally, but there was adequate local dollar supplies to cope with the limited buying, dealers said. Moreover, the forex spot trading remained quiet and range-bound due to lack of market-moving factors, they added.

``There was hardly any demand for the dollar today and whatever market supplies of the U.S. currency was mopped up by state-run banks. The slight downward correction to the rupee was irrelevant," a dealer said.

Meanwhile, the rupee continued to garner support from the downtrend in global oil prices and a rise in forex reserves.

- PTI

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