Rupee rises as banks sell dollars
Reuters Market Eye - The rupee gains to trade at 54.69/70 versus its previous close of 54.77/78. The rupee had fallen to as low as 54.96 earlier in the session.
Traders say hopes of foreign direct investment in multi-brand retail getting approved via a vote in parliament on Wednesday keeping sentiment for the local currency positive.
Gains in domestic shares also hurting the pair with custodian banks stepping in to sell the greenback.
Earlier gains were on the back of dollar demand of about $200 million, likely from an IT firm, and it has faded now, also hurting the pair, traders say.
MphasiS Ltd, an Indian IT services and back-office support provider and a unit of Hewlett-Packard Co (HPQ.N), has agreed to buy U.S.-based Digital Risk LLC, a mortgage management specialist, for $175 million, it said in a statement on Monday.
- Tweet this
- Share this
- Digg this
- Boxer Sarita Devi faces action after refusing medal at Asian Games
- Dallas Ebola patient vomited outside apartment on way to hospital
- Loss of smell may be predictor of death in older adults - study
- Billionaire Detroit business leader says "blight is like a cancer"
- Dallas Ebola patient vomited outside apartment on way to hospital |
India could run out of a critical medicine in its free HIV/AIDS drugs programme in three weeks due to bureaucratic bungling, a senior government official said, leaving more than 150,000 sufferers without life-saving drugs for about a month. Full Article