Rupee stays weak on volatile shares, choppy euro

Rupee stays weak on volatile shares, choppy euro

Mumbai: The rupee remained weak in afternoon trade on Tuesday tracking a choppy domestic equity market and euro along with weak Asian currencies.

At 2:49pm, the partially convertible rupee was 45.265/270 to a dollar, weaker compared to 44.965/975 on Monday.

The local currency had weakened to 45.40 in early trade, its lowest since 25 May but trimmed losses to 45.0750 when the domestic equities had briefly turned positive.

The local benchmark share index was down nearly 1.7% after briefly recovering all losses from the early slide of 3.3% following the global equities rout triggered by fears that political leaders are failing to tackle debt crises in Europe and the United States.

The euro was at $1.4228 after touching $1.4283 earlier. It had been $1.4257 at end of domestic currency market on Monday.

The Swiss franc hovered near all-time highs against the euro on Tuesday as fears of a global recession kept safe-haven currencies in high demand and drove further declines on already under-fire stock markets.

The index of the dollar against six major currencies was down 0.29% at 74.571 points, but above 74.540 on Monday.