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Rupee eases tracking euro, local shares

Rupee eases tracking euro, local shares
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First Published: Mon, Jul 11 2011. 02 06 PM IST
Updated: Mon, Jul 11 2011. 02 06 PM IST
Mumbai: The rupee stayed weak in afternoon trade on Monday as the dollar continued to notch up gains overseas and local shares stayed in the red.
At 1:56pm, the partially convertible rupee was at Rs 44.4175/4200 per dollar, weaker than Friday’s close of Rs 44.325/335.
So far in trade, the local unit had moved in a 44.35-44.43 range.
The euro was at $1.4146 versus $1.4255 at end of domestic currency trade on Friday, while the index of the dollar against six major currencies was up 0.54 percent to 75.591 points.
The euro fell back close to a record low versus the Swiss franc and hovered near chart support versus the Australian dollar on Monday, hurt by renewed jitters over the euro zone’s debt crisis ahead of an emergency meeting of European officials.
Most Asian currencies were weak against the dollar and this weighed on the rupee, traders said.
Markets dropped 0.5% in choppy trade on Monday tracking other Asian markets after a spate of weak economic data from China and the United States renewed concerns about the health of the global economy.
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First Published: Mon, Jul 11 2011. 02 06 PM IST
More Topics: Markets | Rupee | Currency | Asia | BSE |