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
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
Barack Obama in India
In a glow of bonhomie, U.S. President Barack Obama and Indian Prime Minister Narendra Modi unveiled plans to unlock billions of dollars in nuclear trade and to deepen defence ties, steps they hope will establish an enduring strategic partnership. Read | Slideshow
- Video: Modi receives Obama at the airport
- "We have a deal" - insurance may unlock India-U.S. atomic trade
- U.S.-China climate deal does not put pressure on India, says Modi
- Obama backs India's solar goals, seeks support for climate talks
- Column - U.S. and India: Two democracies should join to balance China's rise
Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll. Full Article