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Saturday, Sep 30, 2006

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Rupee ends flat

Our Bureau

Mumbai, Sept. 29

The rupee ruled flat on Friday. The rupee opened at 45.93/94 and closed at the same level, a tad lower than Thursday's close of 45.92. The day's high was 45.93 and the low was 46. "The spot rupee is driven mainly by demand and supply," said a dealer with a private bank.

The dollar also strengthened against global currencies due to cross selling in euro-sterling and euro-yen.

A dealer with a private bank said the dollar may strengthen over the weekend. The rupee could recover next week, though it may rule in the 45.80-46 range. Forwards did not see much activity. The six-month premium ended at 1.29 per cent (1.26 per cent) and the one-year premium at 1.33 per cent (1.32 per cent).

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