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Rupee steady; firm Asians offset weak euro, stocks

Rupee steady; firm Asians offset weak euro, stocks
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First Published: Fri, Jun 10 2011. 02 24 PM IST
Updated: Fri, Jun 10 2011. 02 24 PM IST
Mumbai: The Indian rupee was steady on Friday as resilient Asian peers and domestic corporate dollar inflows negated a weak euro and weak local shares.
At 2:06pm, the partially convertible rupee was at 44.74/75 per dollar, little changed from Thursday’s close of 44.73/74. So far in the day, it had moved in 44.6650-44.7625 range.
Most Asian currencies rose against the dollar.
The euro struggled to regain its footing on Friday, though it held above one-week lows as worries about the eurozone’s debt problems overwhelmed any support from a likely interest rate rise by the European Central Bank next month.
The euro was at $1.4453 and the index of the dollar against six major currencies was up 0.28% at 74.397 points.
On Thursday, the ECB held key policy rates steady but signalled a July interest rate hike.
The main stock index was trading down 0.6 percent after data showed India’s industrial output growth dipped in April on rising cost of credit and inflation.
India’s industrial output growth dipped in April, the latest sign that the rising cost of credit and inflation are slowing the economy, which may compel the central bank to pull back from its aggressive monetary policy tightening.
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First Published: Fri, Jun 10 2011. 02 24 PM IST
More Topics: Markets | India | Rupee | Currency | Foreign Exchange |