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Friday, Apr 21, 2006

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Rupee flat against dollar

Our Bureau

Mumbai, April 20

The rupee continued to be flat against the US dollar on Thursday, as buying by oil companies were matched by supplies. The rupee opened at 45.10/11 and moved in the 45.10-45.17 range. It ended trade at the same levels, almost unchanged from Wednesday's 45.09/10. "The central bank seems hell bent on keeping the rupee weak. There were constant supplies coming beyond the level of 45.16. I don't see a major movement in the rupee on Friday either," a forex dealer said. The dollar's gain over other global currencies such as the euro and pound too was not reflected in the spot rupee market. "Just as there was no reaction to the dollar weakening globally on Wednesday, there was no reaction to the gains made by the dollar on Thursday," the dealer said. The forward premia were also range bound with the six-month premium closing at 1 per cent (1.09 per cent) and the one-year closing at 1.02 per cent 1.08 per cent).

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