Rupee weak on euro’s losses, local shares

Rupee weak on euro’s losses, local shares

Mumbai: The rupee stayed weak in afternoon trade on Monday as the euro continued to lose ground against the dollar and local shares remained negative.

At 1:47pm, the partially convertible rupee was at 44.5850/5875, down from its close of 44.5325/5425 last Friday.

So far in trade, the rupee has moved in 44.5375-44.6050 and is expected to stay in 44.50-44.65 band.

The euro was at $1.4036 versus $1.4151 at the close of domestic currency market on Friday, while the index of the dollar against six major currencies was up 0.61% at 75.580 points.

The euro extended losses, falling 1 percent against the yen on Monday, as sovereign debt worries led investors to shift funds into safe-haven currencies and cut exposure to riskier assets.

The benchmark local share index was down nearly 0.3% in choppy trade.