Rupee ended the session flat on Wednesday as the
dollar strength overseas and greenback buying by state run banks were offset by
gains in local shares. The rupee also failed to move significantly after data
showed exports in June rose 10.22 per cent from a year earlier and overall
analysts called the numbers mixed. A major reaction to the trade deficit data
was not expected as the numbers were positive on certain fronts and negative on
some others. The rupee expected to continue trading in a narrow range until new
cues come in.
The rupee continues to be weighed down by dollar demand from
state-run banks for oil and defense related payments and by gains of the US
currency overseas following a comment by Federal Reserve head Janet Yellen that
US rates could rise sooner if employment numbers continued to improve. The
partially convertible rupee ended at 60.12/13 per dollar, unchanged from the
Tuesday closing.
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