Rupee largely steady at 1-wk highs on stocks

Fri, Nov 6 02:56 PM

Enlarge Photo A cashier checks currency notes inside a bank in Agartala, Tripura in this July 24,...

The rupee held at its highest in more than a week in afternoon trade on Friday, boosted by the rise in domestic shares and tracking the dollar's losses versus major units.

* At 2:30 p.m., the partially convertible rupee was at 46.78/79 per dollar, off an early high of 46.75, its strongest since Oct. 27 and 0.5 percent above its previous close of 47.0150/0250.

* Local shares were trading up 0.9 percent, mirroring the rise in world equities after better-than-expected U.S. jobs data bolstered investor confidence in the global economy.

* Foreign funds have so far this year purchased a net $14.2 billion worth of Indian shares, helping the rupee recover from a record low of 52.2 in early March. Last year, they had sold more than a net $13 billion, pushing the rupee down by a fifth.

* The dollar index, a gauge of the U.S. unit's performance versus six majors, was down 0.2 percent.

* In the currency futures market , the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 46.82 each, with the total traded volume on the two exchanges at about $1.8 million.

(Reporting by Swati Bhat; Editing by Ramya Venugopal)

(For more news on Reuters Money visit http://www.reutersmoney.in)

Inside News

Editor's picks