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Business News/ Money / Rupee trims gains as dollar rises versus majors
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Rupee trims gains as dollar rises versus majors

Rupee trims gains as dollar rises versus majors

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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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Published: 28 Jun 2010, 02:55 PM IST
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