Rupee inches up as custodian banks sell dollars
MUMBAI: The rupee rose on Wednesday as some custodian banks sold dollars to take advantage of the rupee's drop on the previous day but the local shares would be monitored for further direction.
At 9:10 a.m., the partially convertible rupee was at 46.85/86 per dollar, slightly stronger than 46.91/92 at close on Tuesday when it had hit 46.98, its weakest since Aug. 12. Dealers said some custodian banks had sold dollars around 46.90 levels early which helped the rupee. They expect the rupee to hold in a 46.80-47.00 range for the initial half of the day.
Indian shares were trading down 0.15 percent, in line with weak Asian markets, with Reliance Industries leading the decline. Share moves will be closely watched for direction of capital flows.
The index of the dollar against six majors was 0.1 percent higher and Asian units were largely weaker compared to the US unit. The yen pulled back from 15-year highs on the dollar and a nine-year peak on the euro on Wednesday due to chances that Japanese authorities may take steps such as yen-selling intervention to stem the yen's rise.
(theEconomicTimes)
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