Rupee recovers after initial losses vs dollar in late morning
Quotes

Rupee recovers after initial losses vs dollar in late morning

Last Updated: Monday, May 07, 2012, 11:46
 
 Comment 0
 
Rupee recovers after initial losses vs dollar in late morning
Mumbai: The rupee recovered after initial losses against the US dollar in the late morning trade due to fresh selling of the American currency by banks and exporters.

The rupee resumed lower at 53.63/64 per dollar at the Interbank Foreign Exchange (Forex) as against Friday's level of 53.47/48 due to sharp fall in the stock market.

However, it recovered to 53.39 per dollar before quoting at 53.41/42 per dollar at 1030hrs in view of fresh selling of dollars by banks and exporters.

The rupee moved between 53.39 and 53.75 per dollar during the morning trade.

Forex dealers said some measures announced by the Reserve Bank late on Friday to attract inflows, in view of falling rupee, restricted the losses.

RBI raised the interest rate ceiling on NRI deposits in foreign currencies by up to 3 percent and deregulated interest rates on export finance.

Meanwhile, the BSE 30-Scrip index, Sensex, dropped by 290 points or 1.71 percent in the early trade, extending losing streak for the fourth straight session on sustained selling by funds amid weak trend on other Asian bourses.

PTI



First Published: Monday, May 07, 2012, 10:18


Comments


comments powered by Disqus
John Kery with Indian Biz Honchos
John Kery with Indian Biz Honchos
Honda Mobilio MPV
Honda Mobilio MPV
BRICS Annual Summit 2014
BRICS Annual Summit 2014
Tata Zest Standout Features: In Pics
Tata Zest Standout Features: In Pics
New car launches in July
New car launches in July

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved