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India rupee seen in a range, premiums may firm

BOMBAY: The Indian rupee is likely to be steady as the pressure of month-end dollar demand abated, dealers said.

State-run banks seen providing the direction in a market which is likely to see ranged trade, they said.

Dealers said although substantial dollar supplies were unlikely, absence of any large demand will keep trading in a stable band.

The rupee ended at 43.625/63 per dollar, off lows of 43.6375, but compared with the weekend's close of 43.61/6125.

Forward premiums are likely to move up on account of pressures due to withdrawal of liquidity facilities extended by the central bank, they said.-Reuters