Rupee rises as banks sell dollars

Tue Dec 4, 2012 3:26pm IST

An employee arranges Indian currency notes at a cash counter inside a bank in Agartala February 18, 2010. REUTERS/Jayanta Dey/Files

An employee arranges Indian currency notes at a cash counter inside a bank in Agartala February 18, 2010.

Credit: Reuters/Jayanta Dey/Files

Related Topics

Stocks

   

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.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Bullish on Equities

Bullish on Equities

Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Photo

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

Short of Expectations

Short of Expectations

Apple revenue lags Street's view despite strong China growth  Full Article 

Mircosoft Results

Microsoft Results

Microsoft revenue rises, profit falls as Nokia absorbed  Full Article 

Relief For Sahara

Relief For Sahara

Supreme Court could allow Sahara boss to conduct asset sale talks, company says.  Full Article 

Photo

Food Scandal

Five held in China food scandal probe, including head of Shanghai Husi Food   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage