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Rupee pares gains on negative shares, oil firms dollar buys

Rupee pares gains on negative shares, oil firms dollar buys
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First Published: Fri, Aug 12 2011. 02 02 PM IST
Updated: Fri, Aug 12 2011. 02 02 PM IST
Mumbai: The rupee erased all early gains in afternoon trade on Friday as the euro retreated marginally and local equities turned negative.
Persistent demand for dollars from local oil refiners for import payments also dragged the rupee, traders said.
At 1:28pm, the partially convertible rupee was at 45.41/42 per dollar, after rising as high as 45.25 in opening trades. It had closed at 45.4050/4150 on Thursday.
The euro was at $1.4196 after touching a high of$1.4241 earlier. It had been $1.4122 at end of domestic currency market on Thursday.
The index of the dollar against six major currencies was at 74.719 points from 74.982 points previously.
The benchmark local share index was down nearly 1.4% after opening 1% higher as stronger-than-expected factory output data sparked fears of further monetary tightening from the central bank due to sticky inflation.
India’s industrial output growth jumped 8.8% in June versus Reuters poll estimate of 5.5% rise.
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First Published: Fri, Aug 12 2011. 02 02 PM IST
More Topics: Markets | Rupee | Currency | Asia | BSE |