Rupee At 39.54 Against US Dollar

The rupee on Dec 18 ended steady at 39.54/55 against the US currency amid fairly heavy dollar sales by exporters and weakness in equity markets. In active trade at the Interbank Foreign Exchange (forex) market, the local currency moved in wide range of 39.47 and 39.64 after resuming weak at 39.63/64 a dollar from previous close of 39.54/55 a dollar.

Exporters'' dollar sales after a weak start helped the Indian unit bounce from its initial lows, forex dealers said.The rupee recovery from the day''s low was also attributed to the stock market movements in the first half, they added.The benchmark Sensex recouped its initial losses and remained range-bound but again fell sharply at the fag end of trading session, registering a fall of 182 points. Asian markets remained sluggish while European indices traded in the black, indicating some stability. Traders said fears of capital outflows weighed on the rupee sentiment as Foreign Institutional Investors (FIIs) were consistent net sellers in the equity markets for the last three days.Meanwhile, global oil prices gained marginally as the outlook for the US economy continued to weigh on the market. In Asian trade, New York''s main oil futures contract, light sweet crude for January delivery, was 28 cents higher at $90.91 a barrel.