Rupee trades strong on mild dollar inflows
MUMBAI: The rupee was strong but off highs on Tuesday afternoon on the back of mild dollar inflows and strong euro, though negative stocks weighed.
* At 3:08 p.m., the partially convertible rupee was at 45.78/79 per dollar, stronger than its 45.90/91 close on Monday, when it had touched 46.01, its lowest since Nov. 30.
* The rupee is likely to trade between 45.75/95 in rest of the day, dealers said.
* Indian shares were down more than 1.6 percent putting downward pressure on rupee.
* "There is nothing positive for the rupee now. Euro is at the same level as it was in the morning and stocks are also down. Only the (dollar) inflows are helping," said a dealer at a private bank.
* The dollar fell to a 12-week low against a basket of currencies on Tuesday, driven lower as the euro extended gains in the wake of above-forecast inflation data and sterling hit a 10-week high against the U.S. currency.
* The dollar index, a measure of the greenback's performance against six major currencies, was down 0.38 percent at 77.430 points.
* In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange , MCX-SX and United Stock Exchange were at 46.0425, 46.0400, 46.0425 each respectively. Total traded volume was $4.12 billion.
* At 3:08 p.m., the partially convertible rupee was at 45.78/79 per dollar, stronger than its 45.90/91 close on Monday, when it had touched 46.01, its lowest since Nov. 30.
* The rupee is likely to trade between 45.75/95 in rest of the day, dealers said.
* Indian shares were down more than 1.6 percent putting downward pressure on rupee.
* "There is nothing positive for the rupee now. Euro is at the same level as it was in the morning and stocks are also down. Only the (dollar) inflows are helping," said a dealer at a private bank.
* The dollar fell to a 12-week low against a basket of currencies on Tuesday, driven lower as the euro extended gains in the wake of above-forecast inflation data and sterling hit a 10-week high against the U.S. currency.
* The dollar index, a measure of the greenback's performance against six major currencies, was down 0.38 percent at 77.430 points.
* In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange , MCX-SX and United Stock Exchange were at 46.0425, 46.0400, 46.0425 each respectively. Total traded volume was $4.12 billion.
Comments