Rupee off lows as corporate dollar demand fades
Reuters Market Eye - The rupee is off the day's low of 54.18 and trading at 54.05/06 versus its previous close of 53.8050/8150 as dollar demand from a large iron ore miner seen earlier in the session fades.
Traders say there is also good resistance around 54.20 levels, a level from where the pair has bounced back in recent sessions.
Broad gains in the dollar versus major units, however, prevent a further fall in the pair. The dollar hit a two-month high against a basket of major currencies after job reports last week highlighted relatively solid U.S. economic fundamentals.
The Sensex is trading flat, fail to provide any clear direction on foreign fund flows.
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
The government made a push on Wednesday to bolster its strained finances, offering to sell a stake in miner Coal India and more mobile phone airwaves as it aimed to deliver on a promise to trim its fiscal deficit. Full Article