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Rupee higher; local shares, euro support

Rupee higher; local shares, euro support
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First Published: Fri, May 20 2011. 02 58 PM IST
Updated: Fri, May 20 2011. 02 58 PM IST
Mumbai: The rupee remained stronger in afternoon trades on Friday aided by positive local shares and a stronger euro against the dollar, but importers’ demand for the greenback is likely to cap gains.
At 1:55pm, the partially convertible rupee was at 44.9175/9250 per dollar, marginally stronger than Thursday’s close of 44.97/98.
Traders expect the rupee to trade in a range of 44.85-45.05 intraday.
The euro was steady against the dollar on Friday, holding on to modest gains made in the previous session, with investors’ focus slowly shifting to interest rate differentials from the euro zone’s debt crisis.
Markets climbed more than 1% on Friday supported by mostly firmer regional markets.
The index of the dollar against six major currencies was down 0.16% at 75.007 points. It was at 75.317 during close of the domestic forex market on Thursday.
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First Published: Fri, May 20 2011. 02 58 PM IST
More Topics: Markets | Rupee | Currency | Asia | BSE |