Rupee seesaws as weak shares offset $ drop
The rupee was seesawing in the afternoon session on Thursday as the dollar's losses versus major currencies were offset by the sharp fall in domestic shares which raised concerns of foreign fund withdrawals.
January 13, 2011 / 15:18 IST
The rupee was seesawing in the afternoon session on Thursday as the dollar's losses versus major currencies were offset by the sharp fall in domestic shares which raised concerns of foreign fund withdrawals.
At 1:25 pm, the partially convertible rupee was at 45.13/14 per dollar, unchanged from its close on Wednesday. It rose to 45.04 earlier in the session, its strongest since Jan. 4 and has since moved in a 45.0400-45.1650 band.After falling sharply overnight, the index of the dollar against six major currencies was flat at 80.035 points.Indian shares were trading down 1.7% as software services bellwether Infosys Technologies fell more than 4% after posting lower-than-expected quarterly earnings. One-month offshore non-deliverable forward contracts were quoted at 45.39, weaker than the onshore spot rate.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 all at 45.2250, with the total traded volume on the three exchanges at about USD 2.8 billion. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
