Rupee edges down against $

MUMBAI, AUG. 14. The rupee eased marginal ground against the U.S. currency today on stray dollar demand from state-run banks in yet another day of thin and listless dealings at the interbank foreign exchange market, ahead of the `Independence day' holiday tomorrow.

The Indian unit ended at Rs. 47.1200/1250 a dollar, a mere half paisa decline from Monday's closing levels of 47.1150/1200 after it was trapped in a tight one paisa band of 47.1150 and 47.1250 in slow business. The rupee opened at 47.1150/1250.

Scattered dollar demand from public sector banks exerted mild pressure on the rupee, but the forex spot trade remained quiet and range-bound due to lack of market-moving factors, dealers said.

``Barring a few state-owned banks mopping up dollar supplies from the market to prevent the rupee from appreciating, waning interest in the forest spot trade kept the rupee in tight bands,'' a dealer said.

``Most operators kept to the sidelines, reluctant to take fresh positions ahead of the Independence day holiday,'' he added.

Traders expect the rupee to rule in a range of 47.11 and 47.13 on Thursday.

The Reserve Bank of India fixed the reference rate at 47.12 a dollar.

- PTI

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