Wednesday October 04, 2023

Rupee ends flat

By Our Correspondent
March 18, 2020

The rupee ended almost flat on Tuesday on moderate dollar demand from importer and corporate buyers, dealers said.

The rupee ended Rs158.42 to the dollar from previous day’s closing of Rs158.40 in interbank foreign exchange market. The dealers said that the market witnessed routine dollar demand for import and corporate payment. Lower international prices also prevented major losses in the local currency value.

The market is anticipating a sharp cut in oil bill that may help the rupee to make gain in coming days. The international oil witnessed sharp decline due to price war between Russia and Saudi Arabia. Further, the coronavirus epidemic reduced the overall demand across the globe.

Dealers said there were concerns over outflow of hot money invested in domestic debt market. The domestic debt market witnessed $1.12 billion selling in treasury bills in the current fiscal year.

The foreign currency market was traded in the range between Rs158.65 and Rs159.25. The market recorded day high of Rs159.05 and low of Rs158.40. The exchange rate in open market witnessed slight change in rupee value. The buying and selling of dollar was recorded at Rs157.50/Rs158.50 from previous day’s closing of Rs157.00/Rs158.50.