Rupee weakens tracking local shares, euro’s losses

Rupee weakens tracking local shares, euro’s losses

Mumbai: The rupee eased more in afternoon trade on Friday dragged by weak local shares and the euro.

At 1:46 pm, the partially convertible rupee was at 44.5650/5675 per dollar, weaker than Thursday’s close of 44.4950/5050. So far in trade, the rupee has moved in a band of 44.4725 and 44.5750.

The euro was at $1.4110 versus $1.4194 at the close of the domestic currency trade on Thursday, while the index of the dollar against six major currencies was up 0.14% at 75.358 points. It had been at 75.019 points when the local forex market closed on Thursday.

The dollar steadied in Asia on Friday after the impact from a Standard and Poor’s warning that it could cut US credit ratings was short-lived, and investors bought back the US currency as they shifted their focus to stress tests on European banks.

The local benchmark share index was down 0.4% in choppy trade with financials leading the losses.