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Rupee remains weak as euro weighs

Rupee remains weak as euro weighs
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First Published: Thu, Jun 23 2011. 02 10 PM IST
Updated: Thu, Jun 23 2011. 02 10 PM IST
Mumbai: The rupee remained weak in afternoon trades on Thursday tracking the euro’s losses against the dollar, but dollar selling by exporters prevented a further fall, traders said.
At 1:50pm, the partially convertible rupee was at 44.9175/9250 per dollar, 0.1% weaker than Wednesday’s close of 44.8850/8950. It has traded in a narrow range of 44.8900-44.9575 so far in the day.
The dollar extended its gains from the previous day on Thursday as sovereign Asian players bought it back after the Federal Reserve confirmed it was ceasing its $600 billion bond-buying programme at the end of June and gave no hint of further economic stimulus.
The euro was at $1.4271, while the index of the dollar against six major currencies was up 0.54% at 75.183 points.
The euro was $1.4384 at the end of trade in domestic currency market on Wednesday, while the index of the dollar against six major currencies was at 74.744 points.
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First Published: Thu, Jun 23 2011. 02 10 PM IST
More Topics: Markets | India | Rupee | Currency | Foreign Exchange |