Monday, October 28, 2013

Rupee trims initial gains vs dollar, still up by 2 paise

MUMBAI: In line with equity market, the Indian rupee trimmed its initial gains against the American currency but was quoted still higher by two paise to 61.44 per dollar on mild selling of dollars by banks and exporters on the back of weakness of dollar overseas.

The rupee resumed higher at 61.35 per dollar as against the last weekend\'s level of 61.46 per dollar at the Interbank Foreign Exchange ( Forex) Market and hovered in a range of 61.39 per dollar and 61.50 per dollar before quoting at 61.44 per dollar at 1045hrs.

In New York, the US dollar struggled for direction last Friday, attempting to rebound from a nearly two-year low versus the euro, as end-of-week position-squaring competed with lacklustre economic data, including a steeper-than- expected fall in consumer sentiment.

Meanwhile, the Indian benchmark Sensex rose by 41.18 pts or 0.20 per cent to 20,724.70 at 1050hrs.
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