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Business News/ Opinion / Online-views/  Rupee rises tad more; local stocks, euro supportive
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Rupee rises tad more; local stocks, euro supportive

Rupee rises tad more; local stocks, euro supportive

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Mumbai: The rupee was firm in afternoon trades on Thursday, tracking gains in the euro and local stocks, but month-end dollar demand from oil companies limited the rise.

At 1:50 p.m., the partially convertible rupee was at 44.70/71 per dollar, stronger than the previous close of 44.86/87.

The euro hit a fresh three-week high against the dollar on Thursday after European Central Bank President said “strong vigilance" was warranted on inflation, while it remained supported as Greece moved a step closer to securing international aid after voting in favour of austerity measures.

The euro was at $1.4487 against $1.4438 at end of local forex trade on Wednesday, while the index of the dollar against six major currencies was down 0.37% at 74.408 points.

The local benchmark share index was up over 0.3%.

Oil is India’s biggest import item and local oil refiners are the largest purchasers of dollars in domestic currency market.

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Published: 30 Jun 2011, 03:20 PM IST
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