November 20, 2001	Tuesday	Ramazan 4, 1422

MUMBAI, Nov 19: The rupee ended firmer on Monday, boosted by steady dollar supplies after the long weekend and hopes for a quick end to the conflict in neighbouring Afghanistan, dealers said.

The rupee ended at 47.94/9475 per dollar, up from 47.9775/9875 at Thursday’s close. Banks in the main financial hub of Bombay were closed on Friday for a Hindu festival.

Traders said dollar demand from importers was thin as there were few concerns driving them to hedge payables.

Low global crude oil prices — India’s biggest import item — and developments in Afghanistan were helping the local currency gain value, they said.

The usual bids from state-run banks, which usually absorb some of the dollar supplies, were also not there, a public-sector bank dealer said.

Traders say state-owned banks in recent trading sessions mopped up dollar supplies on behalf of the central bank, checking gains by the rupee.

Forwards, which reflect the interest differential between India and the United States, eased as US deposit rates rose on hopes of a turnaround in the economy there.

Traders said banks were also keen to receive (buy-sell swaps) due to comfortable money market conditions in the domestic money market.—Reuters