Rupee steady; stocks, dollar moves watched

Rupee steady; stocks, dollar moves watched

Mumbai: The Indian rupee continued to trade largely steady in afternoon session on Thursday tracking a choppy domestic sharemarket and the dollar’s gains against major currencies.

At 12:50pm, the partially convertible rupee was at Rs46.56/57 per dollar, little changed from Rs46.55/56 at close on Wednesday when it had touched Rs46.2850, its strongest since 20 May.

Shares were choppy tracking mixed Asian shares after the main index had rallied more than 5 percent over six sessions.

Most Asian currencies were lower against the dollar. The index of the dollar against six major currencies was up 0.3% and will be monitored for direction during the day, dealers said.

One-month offshore non-deliverable forward contracts were quoted at Rs46.70, 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 Rs46.6275, with the total traded volume on the two exchanges at about $2.8 billion.