Rupee almost steady, shaky shares weigh

Rupee almost steady, shaky shares weigh

Mumbai: The Indian rupee continued to trade largely steady on Wednesday afternoon as see-sawing shares failed to provide a clear direction on fund flows but stronger Asian units supported sentiment.

The Philippine peso and South Korean won led the Asian currency rally on Wednesday as investors gradually resumed buying of risky assets, with concerns easing over Dubai’s debt problems that dimmed dollar’s safe-haven allure and boosted the yen and gold.

At 2:45pm, the partially convertible rupee was at Rs46.26/27 per dollar, off an early Rs46.1375 which was its highest since 26 November. It had closed at Rs46.31/32 on Tuesday.

Indian shares were trading almost flat.

The rupee is nearly 13% above a record low of Rs52.2 hit in early March, helped by foreign portfolio flows of $15.4 billion into Indian equities this year.

In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at Rs46.3375 each, with the total traded volume on the two exchanges at about $2.5 billion.