Rupee rules steady against dollar in early deals
The rupee ruled steady after opening lower and was quoted at 42.8650/8750 in late morning deals against the US currency on alternate bouts of buying and selling.
By PTI |
MUMBAI: The rupee ruled steady after opening lower and was quoted at 42.8650/8750 in late morning deals against the US currency on alternate bouts of buying and selling.
In quiet trade at the Interbank Foreign Exchange (Forex) market, the Indian unit opened seven paise lower at 42.94/96 a dollar as against Wednesday's close of 42.87/88 per dollar on good dollar buying by banks on behalf of the central bank.
There was some dollar demand from oil refinery companies to meet their import requirements, which also weighed down the rupee sentiment.
However, the domestic currency recovered smartly in late morning deals to 42.8650/8750 a dollar on strong capital inflows.
Foreign Institutional Investors (FIIs) reportedly pumped in $349.70 million in last three sessions since April 5.
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Wary traders were said to be keeping watch on possibility of intervention by the Reserve Bank of India to check the rupee's recent sharp surge in favour of exporters.Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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