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Rupee steady on caution before euro zone meet on22 July

Rupee steady on caution before euro zone meet on22 July
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First Published: Tue, Jul 19 2011. 12 20 PM IST
Updated: Tue, Jul 19 2011. 12 20 PM IST
Mumbai: The rupee was little changed on Tuesday as firmer Asian peers and gains in local shares were offset by a wobbly euro.
Traders said the outcome of an emergency euro zone summit scheduled for Thursday in Brussels to finalize a second round of aid for Greece was keenly awaited.
“We are going to be very rangebound as it will be wait and watch till Thursday,” said a foreign exchange dealer with a large private-sector bank.
The bailout package would set the trend for the euro, which is closely tracked by the rupee, he said.
At 11:02am, the partially convertible rupee was at 44.5825/5850 per dollar, steady from Monday’s close of 44.585/595.
The euro was at $1.4088 versus $1.4029 at the end of local forex trade on Monday, while the index of the dollar against six major currencies was down at 75.436 points versus 75.637.
Most Asian currencies firmed against the US dollar.
The benchmark Indian share index was up 0.25%, after dipping 0.3% in the previous session.
The one-month onshore forward premium was at 24.75 points from 25 points on Monday, while the three-month was steady at 69.75 points from 69.75 and the one-year was at 223.75 points versus 229.50.
One-month offshore non-deliverable forward contracts were quoted at 44.75, weaker than the onshore spot rate.
In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were all at 44.6425. The total volume was at $1.71 billion.
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First Published: Tue, Jul 19 2011. 12 20 PM IST
More Topics: Markets | India | Rupee | Currency | Foreign Exchange |