Rupee up as strong Asian peers offset weak shares

Rupee up as strong Asian peers offset weak shares

Mumbai: The rupee was a tad stronger in afternoon trades on Friday as gains in most Asian currencies and strong dollar inflows from companies offset weakness in local shares.

Shares were down over 1% after Infosys Technologies reported a lower-than-expected fourth quarter net profit and the country’s wholesale price index (WPI) rose an annual 8.98 percent in March, well above market expectations.

At 1:59pm, the partially convertible rupee was at 44.4700/4800 per dollar, 0.1% stronger than Wednesday’s close of 44.50/51. The local forex market was closed on Thursday for a holiday.

So far in the day, the unit has moved in the 44.4400-44.5750 range.

A resilient euro also helped the rupee come up from the day’s low. But volatility in the common European unit meant support for the rupee was not too strong, traders said.

The euro was at $1.4476 , recovering from a session low of $1.4451 hit after Moody’s cut Ireland’s debt rating. It had touched a 15-month high of $1.4521 earlier this week. On Thursday, the euro had ended at $1.4453.

The index of the dollar against six major currencies was up 0.01 percent at 74.691 points.