Rupee in thin range on choppy stock market

Rupee in thin range on choppy stock market
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First Published: Mon, Dec 21 2009. 02 20 PM IST
Updated: Mon, Dec 21 2009. 02 20 PM IST
Mumbai: The Indian rupee moved in a narrow range but traded weaker from the previous close on Monday afternoon, with a choppy sharemarket offering little direction.
At 1:25pm the partially convertible rupee was at Rs46.81/82 per dollar, steady from morning levels, but lower than Friday’s close of Rs46.72/73. The unit had hit Rs46.97 during trade on Thursday, its lowest since 27 November.
India’s benchmark BSE share index traded weaker. Foreign fund flows into stocks are a key driver of the rupee. Until early December, foreigners were buyers of a net $16 billion of equities, after having sold more than a net $13 billion last year.
One-month offshore non-deliverable forward contracts were quoting at Rs46.87/97, little weaker than the onshore spot rate.
In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at Rs46.8450 respectively.
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First Published: Mon, Dec 21 2009. 02 20 PM IST
More Topics: Markets | India | Rupee | Dollar | Currency |