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Rupee weak tracking dollar’s gains vs majors

Rupee weak tracking dollar’s gains vs majors
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First Published: Tue, Jun 15 2010. 01 58 PM IST
Updated: Tue, Jun 15 2010. 01 58 PM IST
Mumbai: The Indian rupee continued to trade weaker in the afternoon session on Tuesday tracking the dollar’s gains versus major currencies and also hurt by a choppy domestic sharemarket.
At 2:12pm, the partially convertible rupee was at Rs46.60/61 per dollar, weaker than Monday’s close of Rs46.4850/4950. It had risen to Rs46.40 on Monday, its highest since 31 May.
The main stock index was seesawing after Moody’s downgrade of Greece’s debt hit investor sentiment.
Dealers said the dollar’s movement versus major currencies will be key for the rupee. The index of the dollar against six major currencies was 0.24% higher. Most Asian currencies also dropped versus the dollar.
The euro retreated on Tuesday as the downgrade of Greece’s debt to junk status by ratings agency Moody’s renewed concerns about euro zone debt, dampening sentiment and cutting short a rally in the currency.
One-month offshore non-deliverable forward contracts were quoted at Rs46.72, weaker than the onshore spot rate.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at Rs46.6850, with the total traded volume on the two exchanges at about $4.3 billion.
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First Published: Tue, Jun 15 2010. 01 58 PM IST