The rupee softened slightly against the US currency early today on stray dollar demand from banks in an otherwise quiet and range-bound trade at the Interbank Foreign Exchange (FOREX) market.
The Indian unit was quoted at Rs 47.12/13 per dollar in late morning deals, mildly lower from the weekend level of Rs 47.1150/1200. The rupee opened at Rs 47.12/14. The forex spot trade remained shallow and within tight bands due to lack of market moving factors. Scattered dollar demand from banks was easily absorbed by the adequate dollar supplies accumulated over the weekend, a forex dealer said. In cross currency trades, the Euro was quoted at Rs 42.13/15, Pound Sterling at Rs 67.10/12 and the Japanese Yen (100) Rs 38.53/55. Bureau Report