Rupee up by eight paise in morning trade
Thursday, 30 October 2008
MUMBAI, Oct 29 (PTI): The Indian rupee washed out part of its early gains in late morning deals to quote at 49.80/82 against the greenback, still showing a rise of eight paise on expectation of further recovery in equity markets.
In fairly active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit opened sharply higher at 49.65/66 from last close of 49.88/89 a dollar.
But, month-end dollar demand from oil refiners and importers kept a check on the rupee, which fell to 49.80/82 a dollar in late morning deals.
According to dealers, an aggressive intervention by the central bank in last couple of days to stem the rupee fall also helped the local currency to rise.
On Monday, the local currency had touched a record low of 50.26 in intra- trade.
Initially, a smart rise in the Indian benchmark Sensex by nearly 290 also helped the rupee to resume remarkably higher but negative turnaround in share values in late morning trade weighed on the rupee sentiment.
In fairly active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit opened sharply higher at 49.65/66 from last close of 49.88/89 a dollar.
But, month-end dollar demand from oil refiners and importers kept a check on the rupee, which fell to 49.80/82 a dollar in late morning deals.
According to dealers, an aggressive intervention by the central bank in last couple of days to stem the rupee fall also helped the local currency to rise.
On Monday, the local currency had touched a record low of 50.26 in intra- trade.
Initially, a smart rise in the Indian benchmark Sensex by nearly 290 also helped the rupee to resume remarkably higher but negative turnaround in share values in late morning trade weighed on the rupee sentiment.