Rupee ends flat at 40.88/89 vs dollar

Rupee ends flat at 40.88/89 vs dollar
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First Published: Mon, Sep 03 2007. 06 00 PM IST
Updated: Mon, Sep 03 2007. 06 00 PM IST
PTI
Closing
Mumbai: The rupee ended barely changed at 40.88/89 against the dollar on 3 September from the last close of 40.8750/8850 at the Interbank Foreign Exchange (forex) market here.
The market saw alternate bouts of dollar buying and selling by traders while the bourses displayed a firm trend during the day.
The rupee moved in a range of 40.8450 and 40.9500 after a promising start at 40.85/87.
Attributing the dull trade at the forex market to a holiday in New York today, forex dealers said dollar demand and supplies were well matched but the rupee drew support from a rally on the stock market.
Oil corporates were seen making dollar purchases in view of soaring global crude prices, they added.
The rupee, however, is expected to remain strong on the back of low inflation rate and a strong economic growth, a leading banker commented.
Morning
Mumbai: The rupee turned weak after resuming on a promising note and was quoted substantially lower against the greenback during morning trading on emergence of dollar demand from oil refiners.
In a fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed at 40.85/87 per dollar from the last close of 40.8750/8850, but later turned weak and was quoted at 40.90/91 in late morning deals.
Attributing a better start to sustained rally on equity markets, forex dealers said some dollar demand from oil corporates weighed on the rupee sentiment in late morning trade.
The stock market barometer, Sensex, opened firm at 15,401.99 and later touched a high of 15,426.78, a rise of 108.18 points over Friday’s close of 15,318.60.
Low inflation rate and a strong economic growth also helped the rupee initially, the dealers added.
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First Published: Mon, Sep 03 2007. 06 00 PM IST