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Rupee recovers marginally in early trade

Rupee recovers marginally in early trade
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First Published: Thu, Jun 07 2007. 01 08 PM IST
Updated: Thu, Jun 07 2007. 01 08 PM IST
PTI
Mumbai: The rupee recovered marginally on 7 June 2007 after opening steady against the dollar on selling of the greenback by some exporters amid subdued trend in equity markets.
In quiet trade at the Interbank Foreign Exchange (forex) market, the local currency resumed quietly steady at 40.66/67 per dollar but later recovered to 40.63/64 per dollar in late morning deals. It had closed at 40.66/67 the previous day.
The rupee remained under pressure due to weakness in equity market, which was down by about 80 points in early trade, forex dealers said.
Stray dollar selling by exporters also weighed on the rupee sentiment, they added.
Traders, however, expected the local currency to surge strongly by the month-end on expectations of heavy capital inflows through IPOs.
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First Published: Thu, Jun 07 2007. 01 08 PM IST
More Topics: Money Matters | Currency |