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Rupee weak; local shares turn tail, euro retreats

Rupee weak; local shares turn tail, euro retreats
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First Published: Fri, Jun 03 2011. 01 47 PM IST
Updated: Fri, Jun 03 2011. 01 47 PM IST
Mumbai: The rupee weakened in afternoon trade on Friday as local shares turned negative and the common European unit pulled back further from an earlier high.
At 1:26pm, the partially convertible rupee was at 44.84/85 per dollar against 44.83/84 last close. So far in the day the rupee has moved in a 44.7900-44.8975 range.
The benchmark index erased all intraday gains and was down nearly 0.4%.
The euro retreated to $1.4477 after hitting a one-month high of $1.4517 earlier. On Thursday at end of trade in local forex market, the euro had been $1.4472.
The index of the dollar against six major currencies was 0.03% up to 74.365 points.
Traders said underlying mood was guarded before US nonfarm payrolls data due after local market hours on Friday.
US nonfarm payrolls likely increased by 150,000 in May, according to a Reuters poll, less than the 180,000 forecast before Wednesday’s report on slower private job growth.
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First Published: Fri, Jun 03 2011. 01 47 PM IST
More Topics: Markets | India | Rupee | Currency | Foreign Exchange |