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Rupee off highs on importer demand, weak shares

Rupee off highs on importer demand, weak shares
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First Published: Thu, Apr 28 2011. 02 06 PM IST
Updated: Thu, Apr 28 2011. 02 06 PM IST
Mumbai: Indian rupee was off highs in the afternoon session on Thursday tracking negative local shares and on robust dollar demand from importers.
At 1:51pm, the partially convertible rupee was at Rs 44.35/36 per dollar versus Rs 44.43/44 at last close. The rupee had risen to Rs 44.2575 earlier in the day.
The local unit is seen ranged between Rs 44.30-44.50 in the rest of the trading session, traders said
Demand for the US unit was primarily from the domestic oil refiners for month-end payments, but some dollar-buying was also likely for defence related outflows, traders said.
But, dollar weakness after US Federal Reserve indicated on Wednesday it was not in a hurry to tighten monetary policy, would underpin the rupee.
The index of the dollar against six major currencies was down 0.64% at 73.055 points. It was at 73.711 when the local market closed on Wednesday.
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First Published: Thu, Apr 28 2011. 02 06 PM IST
More Topics: Markets | India | Rupee | Dollar | Foreign Exchange |