Mumbai: The rupee gave up all intraday gains on Tuesday due to strong demand for the U.S. unit from importers, but euro’s rise and positive local stocks limited the retracement.
At 1:56pm, the partially convertible rupee was at 45.0700/0725 per dollar, stronger than previous close of 45.07/08 but far from the day’s peak of 44.97 rupee.
The rupee is expected to move in 45.00-45.09 band for the rest of the session, traders said.
The euro rose to a three-week peak against the dollar on Tuesday after a report saying Germany could make concessions on efforts to put together a bailout for Greece, helping to ease fears over a Greek debt restructuring.
The euro was at $1.4410 and the index of the dollar against six major currencies was at 74.524 points.
The benchmark stock index extended gains over 1%, tracking firm Asian markets.