Rupee little changed in quiet trading

MUMBAI, OCT. 30. The rupee ended barely changed against the U.S. dollar in an extremely quiet and range-bound trading at the interbank foreign exchange market here today.

Opening on a soft note at 47.9750/9850 a dollar, the rupee initially inched down to 47.98/99 on stray dollar demand, but later recovered to close at 47.97/98, little changed from Monday's finish of 47.9700/9750.

The forex spot trading remained shallow and within tight bands due to lack of market-moving factors. Scattered dollar demand from banks was absorbed by available local supplies. Moreover, the anticipated month-end pressures did not materialise, further aiding the subdued trend, dealers said.

``The rupee-dollar outright spot dealings were confined to a tight two paise groove in the absence of a clear market direction. Stray dollar demand from banks in the morning was met by the healthy dollar supplies," a dealer said. ``The rupee should remain firmly entrenched tomorrow, unless residual month- end dollar demand exerts mild pressure on the currency," he added.

The Reserve bank of India fixed the reference rate at Rs. 47.98 a dollar, unchanged from the rate fixed yesterday.

In cross currency deals, the rupee declined further against both the Euro and the British pound sterling.

- PTI

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