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Rupee trims gains as dollar rises versus majors

Rupee trims gains as dollar rises versus majors
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First Published: Mon, Jun 28 2010. 02 55 PM IST
Updated: Mon, Jun 28 2010. 02 55 PM IST
Mumbai: The Indian rupee pulled back from its highest level in nearly a week on Monday afternoon as the dollar gained against major currencies, but firm domestic shares continued to cheer sentiment.
At 1:50pm, the partially convertible rupee was at Rs46.16/17 per dollar off a high of Rs46.07, its highest since 22 June but still above its close of Rs46.27/28 on Friday.
Indian shares were trading up 0.8%, with Reliance Industries and Oil & Natural Gas Corp leading the rise.
The index of the dollar against six major currencies was up 0.1%.
The dollar edged up on Monday after faltering in Asia on concerns about US economic recovery, while the euro failed to make headway after a G20 summit failed to set markets alight.
One-month offshore non-deliverable forward contracts were quoted at 46.39, weaker than 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 at 46.3200, with the total traded volume on the two exchanges at about $4.9 billion.
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First Published: Mon, Jun 28 2010. 02 55 PM IST
More Topics: Markets | India | Rupee | Dollar | European debt crisis |