Rupee little changed; equities lift sentiment

Rupee little changed; equities lift sentiment

Mumbai: The Indian rupee traded in a tight range on Tuesday afternoon as stronger local equities offset dollar demand from importers.

At 2:50pm, the partially convertible rupee was at Rs46.67/68 per dollar, almost steady from its close of Rs46.65/66 on Thursday. Financial markets were closed on Friday and Monday for holidays.

India’s benchmark BSE index traded 0.6% higher.

Dollar demand from importers tends to peak at the end of each month, when they are required to make payments for their imports.

One-month offshore non-deliverable forward contracts were quoted at Rs46.67/77, close to the spot rate.

In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs46.78 on both the exchanges.