Rupee ends steady in range bound trade

MUMBAI, JULY 23. The rupee ended quietly steady against the U.S. currency today in extremely shallow and tight range-bound trade at the interbank foreign exchange market.

Closing at Rs. 47.1200/1250 a dollar, unchanged from last Friday's finish, the rupee was confined to a narrow groove of Rs. 47.1200 and Rs. 47.1350 in muted dealings. The rupee opened at Rs. 47.1250/1350.

The rupee-dollar outright spot dealings remained quiet and within tight bands due to lack of market-moving factors. Light dollar demand from banks was adequately matched by the available supply, dealers said.

``Moderate early dollar demand pushed the rupee down to intraday lows of 47.1350/1400, but dollar supplies from export proceeds and inward remittances accumulated over the weekend absorbed the limited buying to allow the rupee to bounce back,'' a dealer said.

- PTI

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