Rupee rules steady

MUMBAI, OCT. 31. The rupee ended steady on Wednesday despite dollar demand from State-run banks as the possibility of weak U.S. third quarter growth data, due later in the day, weighed on the greenback, dealers said.

The rupee ended at 47.9775/9875 a dollar, barely changed from Tuesday's close of 47.9700/9800.

Traders said dollar remittances by software exporters and short sales by banks supported the rupee, but bids by State-run banks on behalf of public sector oil firms and a coal company pulled the rupee down from an intra-day high of 47.9650.

Outward remittances of $40 million by Muslims for undertaking the customary Haj pilgrimage to the Middle East later in the month also weighed a bit on the Indian currency, traders said.

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Section  : Business
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