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Rupee close to 6-week high on stocks; dollar fall

Rupee close to 6-week high on stocks; dollar fall
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First Published: Wed, Mar 03 2010. 01 15 PM IST
Updated: Wed, Mar 03 2010. 01 15 PM IST
Mumbai: The Indian rupee continued to trade close to its highest level in six weeks on Wednesday afternoon as broad weakness in the dollar versus majors and gains in domestic shares cheered sentiment.
At 1:02pm, the partially convertible rupee was at Rs45.89/90 per dollar, off an high of Rs45.8525, its highest since 20 January but still above its close of Rs46.01/02 on Tuesday.
The index of the dollar against six major currencies was down 0.1%.
Emerging Asian currencies rallied across the board on Wednesday, with the Thai baht hitting a near two-year high, lifted by a firmer stock market and as investors cut long dollar positions.
Indian shares were trading up 0.97%.
One-month offshore non-deliverable forward contracts were quoted at Rs45.88/98.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both quoting at Rs45.9825, with the total traded volume on the two exchanges at about $2 billion.
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First Published: Wed, Mar 03 2010. 01 15 PM IST
More Topics: Markets | India | Rupee | Currency | Dollar |