Rupee little changed, waiting for drivers

Rupee little changed, waiting for drivers

Mumbai: Rupee was barely changed against the dollar on Wednesday in thin year-end dealing, and is likely to remain contained until there are some fresh triggers, traders said.

At 9:28 am, the partially convertible rupee was at 39.43/44 per dollar, little changed from Monday’s close of 39.45/46. Markets were closed on Tuesday for a holiday.

“It is likely to remain very rangebound today in the absence of fresh cues, either local or global," said Srikanth Venkatraman, a currency trader at ING Vysya Bank.

As most dealing rooms are operating with skeleton staffing due to the holidays and with many foreign banks having closed their books for the year, activity was likely to wind down further into the year-end, dealers said.

Asian stocks eased slightly on Wednesday, although the dip was cushioned by strength in banks after Merrill Lynch confirmed it had got a cash injection from Singapore, while the yen hovered at a seven-week low against the dollar.

“We might see some oil-led buying creeping in at lower levels," said Venkatraman.

Oil refiners usually step up their dollar buying towards the end of the month to meet their payment needs. India imports the bulk of its oil needs.