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Rupee erases gains on importer demand, euro retreat

Rupee erases gains on importer demand, euro retreat
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First Published: Tue, Aug 30 2011. 01 57 PM IST
Updated: Tue, Aug 30 2011. 01 57 PM IST
Mumbai: The rupee gave up early gains in afternoon trade on Tuesday as the euro retreated and oil companies bought dollars for month-end payments.
A positive local share market, however, limited weakness in the rupee, traders said.
Oil is India’s biggest import item and dollar needs of local refiners increase towards end of the month.
At 1:26pm, the partially convertible rupee was at 46.03/04 per dollar, almost unchanged from Monday’s close 46.035/045, but weaker from the day’s high of 45.90.
The euro was at $1.4478 after touching a high $1.4533 earlier. It had been $1.4491 at end of local forex trade on Monday.
The index of the dollar against six major currencies was at 73.783 points from 74.716 when the domestic currency markets last closed.
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First Published: Tue, Aug 30 2011. 01 57 PM IST
More Topics: Markets | India | Rupee | Currency | Foreign Exchange |