Rupee ends little changed against the dollar at 69.4250

Rupee ends little changed against the dollar at 69.4250

07 May 2019 05:37 PM

The Indian rupee was little changed against the dollar, as likely greenback buys from some state-run and private lenders for the central bank offset gains from foreign banks’ dollar sales.

The rupee ended at 69.4250 to a dollar, against 69.4050 at previous close. It opened at 69.37 and rose to the day’s high of 69.29 before trimming some gains on dollar purchases by at least one private bank and two state-run banks in smaller quantum, likely on the instructions of the Reserve Bank of India.

Traders today eyed flows from Bharti Airtel’s 250 billion rupees ($3.60 billion) rights issue continued for subscription today. The issue will close on May 17.

Meanwhile, India's central bank will probably conduct at least one more swap of rupees for dollars after the general election, said three officials with direct knowledge of the plan, part of an effort to support economic growth.

The Reserve Bank of India also plans to conduct open market operations of up to 500 billion rupees over the next two months, one of the officials said, expanding a quantitative easing programme to spur the slowing economy.

The Chinese commerce ministry today said Vice Premier Liu He will visit U.S. on May 9 and May 10 for bilateral trade talks at the invitation of senior U.S. officials.

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