Re shows modest appreciation against dollar
The rupee on Wednesday showed modest appreciation against the US currency during morning trading on dollar's weakness in overseas markets, buoyed partly by a positive turnaround on stock markets.
By PTI |
MUMBAI: The rupee on Wednesday showed modest appreciation against the US currency during morning trading on dollar's weakness in overseas markets, buoyed partly by a positive turnaround on stock markets.
In a very quiet trade at the Interbank Foreign Exchange (forex) market here, Indian unit opened higher at Rs 45.90/91 per dollar and remained steady at Rs 45.91/92 level in late morning dealings from overnight close of Rs 45.9450/9525.
The forex spot trade remained range-bound and was expected to trade between 45.85-45.95 level in the light of Federal Reserve's June meeting, which is likely to raise the US interest rate, forex dealers said.
"There was not much activity in the market in early trade with very limited inflows and no sign of buying interest," a leading forex dealer commented.
Meanwhile, the dollar ended lower in overnight session in New York against the euro and the Yen following renewed expectations of an interest rate hike this summer.
In a very quiet trade at the Interbank Foreign Exchange (forex) market here, Indian unit opened higher at Rs 45.90/91 per dollar and remained steady at Rs 45.91/92 level in late morning dealings from overnight close of Rs 45.9450/9525.
The forex spot trade remained range-bound and was expected to trade between 45.85-45.95 level in the light of Federal Reserve's June meeting, which is likely to raise the US interest rate, forex dealers said.
"There was not much activity in the market in early trade with very limited inflows and no sign of buying interest," a leading forex dealer commented.
Meanwhile, the dollar ended lower in overnight session in New York against the euro and the Yen following renewed expectations of an interest rate hike this summer.
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