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June 7, 2014

Rupee remains firm

June 7, 2014

The rupee remained firm against the dollar in the foreign exchange market on Friday, dealers said. In the interbank market, the rupee closed at 98.63 as compared to the previous closing of 98.59.
The market started in the range of 98.60 and 98.64 with the high of 98.60 and the low of 98.53 against the greenback.
Currency dealers said the market remained flat, as nominal foreign payments were witnessed by banks during the trading session.
“There was just $20 million to $50 million oil payments made in the market,” a forex dealer said.
“The demand for the greenback by importers remained low and this is very unusual because the dollar demand gets higher during the first week of each month on account of oil payments,” the dealer said.
Foreign currency experts foresee the reserves to remain at a comfortable level in the days to come because of strong external inflows. In the open market, the rupee was traded steady at 99.50 and 99.75 for buying and selling, respectively, against the dollar, the dealers said.

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