Rupee largely steady; shares, dollar moves eyed

Rupee largely steady; shares, dollar moves eyed

Mumbai: The Indian rupee continued to trade mostly steady on Friday afternoon, tracking mild losses in domestic shares with traders watching the dollar’s moves versus majors for further direction.

At 1:55pm, the partially convertible rupee was at Rs46.55/56 per dollar, little changed from Wednesday’s close of 46.5550/5650. Rupee has traded in a range of Rs46.5450 to Rs46.64 so far during the session. Forex and debt markets were shut on Thursday for a local holiday.

Shares were down 0.2%, a day after hitting 30-month highs, as fresh US data amplified concerns about the world’s largest economy and depressed Asian markets.

The index of the dollar against six major currencies was up 0.1% but most regional currencies were weaker compared to the US unit.

The dollar steadied against the yen on Friday but stayed within reach of a 15-year trough hit last week, after weaker US data prompted investors to sell higher-yielding currencies and stocks on risk aversion.

One-month offshore non-deliverable forward contracts were quoted at Rs46.79, weaker than the onshore spot rate.

In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at Rs46.5950, with the total traded volume on the two exchanges at about $2.6 billion.