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Rupee weak after hitting 2-month high as shares down

Rupee weak after hitting 2-month high as shares down
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First Published: Wed, Jul 06 2011. 02 23 PM IST
Updated: Wed, Jul 06 2011. 02 23 PM IST
Mumbai: The rupee turned weaker after touching two-month highs earlier in the session as domestic shares turned negative and also due to broad dollar strength.
At 2:23pm, the partially convertible rupee was at 44.4425/4500 per dollar, from at its previous 44.425/435 close. Earlier, it had touched 44.3350--its highest since 3 May.
Markets edged down 0.1% in choppy trade on Wednesday as cautious investors, fresh off last week’s rally, held back from taking major positions ahead of the upcoming quarterly results.
The index of the dollar against six major currencies was up 0.25% at 74.874 points.
Traders said the local unit was still supported by dollar inflows.
Foreign funds have pumped nearly $2 billion into Indian stock markets in eight sessions to 4 July .
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First Published: Wed, Jul 06 2011. 02 23 PM IST
More Topics: Markets | Rupee | Currency | Asia | BSE |