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Rupee remains steady in early trade


New Delhi, Oct. 21, 2008
Surinder Singh

The Indian rupee was steady at its overnight closing levels against the greenback in early trade on Tuesday amid consolidating equity markets and absence of any market moving factors.

In lacklustre activity at the Interbank Foreign Exchange (forex) market, the domestic currency resumed at 49.00/49.01 a dollar from its previous close of 48.99/49.00 a dollar and later ruled steady at 48.98/99 a dollar in late morning deals.

Forex dealers said the activity was at a low ebb during early trade as investors remained sidelined after the 100 basis points cut in repo rate by the Reserve Bank of India on Monday.

The Indian benchmark Sensex this morning surged further by 106 points at 1030 hrs, while Asian indices were trading narrowly mixed.


Rupee falls to 48.89 against US dollar at 1200 hrs

 

New Delhi, Oct. 18, 2008
Surinder Singh

After hitting the 49-level against the US dollar in opening trade, the Indian rupee recovered 37 paise and was trading at 48.89 at 1200 hrs on Thursday due to heavy dollar demand from foreign banks amid a steep fall in Asian equity markets.


The Indian currency fell to 49.04 against the greenback in opening trade on Thursday.

Foreign Exchange (forex) dealers said foreign banks made hectic dollar purchases in the Non-Delivery Forwards even as bourses witnessed sustained capital outflows affecting dollar supplies in the market.


In active trade, the domestic currency resumed weak at 49.04 a dollar as against 48.52/53 previously and was quoted at 48.89 at 1200 hrs.


Indian benchmark Sensex on Thursday fell by 530.04 points or 4.90 percent at 1030 hrs on renewed fears of a global recession.