Rupee up tracking euro, local shares, Asian peers

Rupee up tracking euro, local shares, Asian peers

Mumbai: The rupee was stronger in afternoon trade on Wednesday after back-to-back weaker sessions supported by positive local shares, Asian currencies and signs of stability in the euro.

At 1:05pm, the partially convertible rupee was at 44.5525/5550 per dollar, stronger than Tuesday’s close of 44.7050/7150.

So far in trade, the unit had moved in 44.5500-44.6225 range and is expected to stay in 44.50-44.65 band during the day.

The euro found some reprieve on Wednesday from a plunge since the start of the week and commodity currencies rose after upbeat Chinese data comforted market players gripped by fears that the euro zone debt crisis could spiral out of control.

The euro was at $1.4042 versus $1.3910 at end of local forex trade on Tuesday, while the index of the dollar against six major currencies was up 0.01% at 75.811 points, but below 76.390 when the domestic currency market closed on Tuesday.

The local benchmark share index rose more than 0.7%, with financials leading the gains, taking cues from firm Asian markets.