Rupee remains steady

MUMBAI, DEC. 15. The rupee ended barely changed against the U.S. dollar in extremely thin and listless trading at the inter-bank foreign exchange market here today.

Opening around Rs. 46.76/77 a dollar, the Indian currency was trapped in a tight band of 46.7600 and 46.7750 in muted business, before closing around 46.7625/7675, a shade better than the overnight finish of 46.7650/7700.

The rupee-dollar outright spot dealings remained quiet and range- bound due to lack of market-moving factors. Fairly adequate local dollar supplies were absorbed by the steady demand from State- owned banks, dealers said. Declining global oil prices seen giving the rupee underlying support, they added.

``The demand for dollars was negligible with more than enough supplies entering the market. Trading volumes were also very shallow with the usual December low key activity pervading," a forex dealer said.

In cross currency deals, the rupee weakened considerably against the Euro and also slipped against the British pound sterling.

- PTI

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