Rupee steady in thin trade

MUMBAI, DEC. 11. The rupee ended barely changed against the U.S. dollar in extremely thin and listless trade at the interbank foreign exchange market here today.

Opening around Rs. 46.75/76 a dollar, the rupee was wedged in a tight two paise band of 46.75 and 46.77 and later closed at 46.7550/76, little changed from weekend closing levels of 46.7550/7650.

The rupee-dollar outright spot dealings remained quiet and range- bound in the absence of market-moving factors. Stray dollar demand was absorbed by the adequate local supplies, dealers said.

Favourable rupee sentiment on the back of news that forex reserves touched a new high of $ 39.021 billion and the downward trend in global crude oil prices has kept the forex spot trade stagnant, but the rupee stable and relatively firmly entrenched, bankers said.

``Demand and supply of dollars have been good but evenly matched. With good sentiment and a stable market, the rupee appears to be stagnant now and confined to an extremely tight range,'' a dealer commented.

Meanwhile, the RBI fixed the reference rate at Rs. 46.76 a dollar.

- PTI

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