Rupee weaker tracking Asian peers

Rupee weaker tracking Asian peers

Mumbai: The Indian rupee was trading lower on Monday afternoon tracking Asian peers.

At 1:33pm, the partially convertible rupee was at Rs46.84/85 per dollar, lower than its close of Rs46.76/77 on Friday. The unit has traded in a range of Rs46.73 to Rs46.89 so far in the day.

Asian currencies were trading weaker on Monday as weak Japanese economic data made investors more wary of risk. For a snapshot on regional peers.

But the index of the dollar against six majors was down 0.5% as the Japanese yen rose with talk of possible demand from Japanese exporters.

Indian shares were trading down 0.3% in choppy trade, which added to the rupee’s weakness.

“There is an overall bullish sentiment in the rupee. The Rs46.85 level is a good resistance and as soon as it hits that level there is a lot of selling. The range today should be between Rs46.75 and Rs46.85," said Naveen Raghuvanshi, group associate vice president at Development Credit Bank.

One-month offshore non-deliverable forward contracts were quoted at Rs46.98, 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 Rs46.93, with the total traded volume on the two exchanges of over $2.8 billion.