Rupee rises a tad on firm local shares, euro

Rupee rises a tad on firm local shares, euro

Mumbai: The rupee rose more in afternoon trade on Wednesday as local shares surged alongside gains in the euro, but underlying mood stayed cautious before outcome of Greece’s vote on austerity package.

At 1:18pm, the partially convertible rupee was at 44.92/93 per dollar, stronger from Tuesday’s close of 45.03/04. So far, it has moved in 44.90-45.00 band.

The euro was at $1.4390 versus $1.4242 at the end of domestic currency trade on Tuesday, and the index of the dollar against six major currencies was down 0.17% at 74.932 points on Wednesday.

The benchmark share index rose over 1% supported by global optimism about a Greek austerity plan. Financials led the rise.

The debate in the Greek parliament on a widely opposed five-year plan of budget cuts, increased taxes and privatisations is scheduled to end at 4:30pm, but the vote may not be held until hours later.