Rupee appreciates by 4 paise in early trade

Mon, Jul 14 01:01 PM

Mumbai, July 14 (PTI) Indian rupee appreciated by four paise to Rs 42.8350/8450 against the US currency in late morning trade today amid weak equity markets and high global crude oil prices. At the Interbank Foreign Exchange (forex) market, the local currency resumed firmness at Rs 42.82/84 a dollar from last week's close of Rs 42.87/88 a dollar but later came under pressure and was quoted at Rs 42.8350/8450 a dollar in late morning deals.

Dealers said the rupee witnessed narrow movements in the absence of any major activity caused by a slowdown in industrial growth and sky-high crude oil prices, which were trading above USD 143 a barrel this morning. Indian benchmark Sensex was down 73.37 points at 1115 hrs.

Traders said high inflationary pressure, which could attract stringent monetary measures by the central bank, aided the rupee sentiment. The rupee also drew support from hopes of increased capital inflows in the near future.

PTI.

RECOMMEND THIS STORY