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Rupee steady in subdued New Year trading

Rupee steady in subdued New Year trading
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First Published: Tue, Jan 01 2008. 10 14 AM IST
Updated: Tue, Jan 01 2008. 10 14 AM IST
Mumbai: The rupee was little moved on Tuesday, subdued by the absence of overseas cues as most markets in Asia were shut on the first day of the new year, though the equity market could provide direction, dealers said.
At 9:40 a.m., the partially convertible rupee was at 39.42/43 per dollar, softening a touch from the previous close of 39.41/42.
The rupee rose 12.3% against the dollar in 2007.
“We’re going to trade a tight range today, most people are still in New Year mode,” said a dealer with a private bank.
India is one of the few markets to open on January 1, so inflows from offshore are expected to be limited on Tuesday.
The local benchmark equity index is trading near record levels, and buoyancy in the share market could boost the rupee, dealers said.
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First Published: Tue, Jan 01 2008. 10 14 AM IST
More Topics: Rupee | Dollar | Money Matters | Currency |