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Rupee ends little changed at Rs 46.63/$

The rupee ended little changed against the dollar in yet another day of quiet and directionless trade at the interbank foreign exchange (forex) market.

Opening around Rs 46.62/63 per dollar, the rupee was wedged in a narrow band of Rs 46.6150 and Rs 46.6450, before settling at Rs 46.6225/6300 at the close, barely changed from Thursday's levels of Rs 46.6250/6300.

Rupee-dollar outright spot dealings remained shallow and listless due to lack of market-moving factors.

Healthy dollar supplies from foreign funds and exporters continued to give the rupee underlying support, but steady light demand from state-run banks prevented the rupee from posting further gains, dealers said.

Demand and supply of dollars were evenly matched. Most participants were reluctant to take fresh large positions ahead of the fiscal year-end and a string of holidays next week, they added.

The forex market will remain closed on Monday, April 2 on account of Ram Navami, Thursday, April 5 for Moharrum and on Friday, April 6 for Mahavir Jayanti.

Marketmen expect the rupee to remain stable and within a tight range when trade resumes on Tuesday after the long weekend.

In cross currency trades, the rupee firmed up against Euro and posted fresh smart gains against the British Sterling.

The Indian unit ended higher against the single European currency at Rs 41.09/11 per euro from Thursday's finish of Rs 41.33/35 after resuming on a better note at Rs 41.03/06.

The futures market was moderately active and forward dollar premiums rose on late paying pressure after many banks and corporate covered forward exposures ahead of fiscal year-end.

Relatively tight conditions at the domestic money market also exerted upward pressure on premiums, dealers said.

"Last minute covering of positions ahead of the fiscal year-end pushed up premiums at the close," a forex dealer said.

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