Rupee edges down in thin deals

MUMBAI, SEPT. 28. Light month-end dollar demand weakened the rupee slightly today, but it ended off intra-day low, supported by adequate exporter dollar sales in mostly thin and lacklustre trading at the inter-bank foreign exchange market.

The rupee closed at 47.8650/8700, mildly lower from Thursday's finish of 47.85/86 after opening around 47.8550/8650 and dipping to early intra-day low of 47.8700/8750.

the rupee-dollar outright spot dealings were generally quiet and range-bound, despite the modest month-end dollar demand exerting mild pressure on the rupee, as there was enough dollar supplies from exporters, dealers said.

Sentiment for the rupee has recently turned for the better following the lifting of economic sanctions by the U.S. and the prevailing sharply lower global oil prices.

The benchmark Brent crude was trading around $22 a barrel in Asian trading, still hovering around near 18-month low.

Marketmen expect the rupee to remain stable when it opens for business next Monday, unless the uncertainties arising from the developments in Afghanistan puts renewed pressure on the currency.

The Reserve bank of India fixed the reference rate at Rs. 47.86 a dollar against Rs. 47.89 yesterday.

- PTI

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