Mumbai: The Indian rupee bounced off a near-seven-week low om Monday afternoon to trade marginally stronger, aided by a recovery in the domestic sharemarket and also boosted by the dollar’s fall versus major currencies.
At 2:00pm, the partially convertible rupee was at Rs46.69/70 per dollar, after dropping to Rs46.90 earlier, its lowest since 23 December. It had closed at Rs46.73/74 on Friday.
Indian shares were trading up 0.4%, after having dropped more than 1% earlier.
The index of the dollar against six major currencies was trading down 0.3%.
One-month offshore non-deliverable forward contracts were trading at Rs46.76/86, below 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 quoting at Rs46.7475, with the total traded volume on the two exchanges at about $3 billion.