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Rupee off 2-week high as stocks cut gains

Rupee off 2-week high as stocks cut gains
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First Published: Wed, Feb 04 2009. 03 59 PM IST
Updated: Wed, Feb 04 2009. 03 59 PM IST
Mumbai: The rupee trimmed earlier gains in afternoon trade on Wednesday, in tandem with local stocks, even as the dollar inched up against other currencies overseas, souring sentiment.
At 3:25am, the partially convertible rupee was at Rs48.71/72 per dollar, off a high of Rs48.60, but still stronger than the Rs48.81/82 it last closed at.
The BSE Sensex pared most of its gains and was trading 0.2% up. It was up more than 2% earlier.
The dollar and yen picked up steam again on Wednesday, with investors calling time on brighter market sentiment prompted by stronger than expected US housing data the previous day, allowing caution to seep back in.
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First Published: Wed, Feb 04 2009. 03 59 PM IST
More Topics: Markets | India | Rupee | Dollar | Trade |