The Indian rupee ended little changed on Thursday as caution prevailed ahead of a slew of economic data, while dollar demand by state-run banks, which traders attributed to defence and oil-related payments, weighed on sentiment. "Biggest factor for INR moves will be election results in May but trade data and inflation numbers will also have limited impact," said Paresh Nayar, head of foreign exchange and fixed income trading at First Rand Bank, adding mixed data is expected around the corner so the market is cautious.
The partially convertible rupee closed at 60.07/08 per dollar compared with 60.14/15 on Wednesday. The rupee had touched an eight-month high of 59.5950 on April 2, but has since given up the gains. In the offshore non-deliverable forwards, the one-month contract was at 60.44, while the three-month was at 61.21.
Comments
Comments are closed.