Rupee steady

MUMBAI, FEB. 1. The rupee closed barely changed against the U.S. dollar in an extremely thin and listless trading at the inter- bank foreign exchange market today as dollar looked stabilised in the light of Federal Reserve's further rate cut by 50 basis points yesterday.

Opening quietly steady at its overnight closing of 46.39/40 a dollar, the rupee was trapped in a tight band of 46.3900 and 46.4050 in muted activity, before ending at 46.3950/4050, a fractional decline of half paisa.

Battered earlier due to speculation that the U.S. Federal Reserve Open Market Committee was considering a 75 basis point rate cut, the FED rate cut by 50 basis point, as anticipated, came as a shot in the arm for the U.S. currency, dealers said.

- PTI

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