Rupee down despite share gains

Mon May 20, 2013 10:05am IST

People walk past a roadside currency exchange vendor in the old quarters of Delhi May 22, 2012. REUTERS/Adnan Abidi/Files

People walk past a roadside currency exchange vendor in the old quarters of Delhi May 22, 2012.

Credit: Reuters/Adnan Abidi/Files

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Reuters Market Eye - The rupee trading close to 55 levels despite gains in the domestic sharemarket. The rupee is trading at 54.99/55.00 versus its close of 54.88/89.

The rupee fell to as low as 55.07 in opening trade, its lowest since March 4.

Domestic shares trading up 0.8 percent tracking firm Asian indices.

Traders say good dollar buying is likely at 54.95 levels while 55.15 is expected to cap the upside.

"If 55.15 is broken convincingly, we could see it move upto 55.40-50 levels but until then it is safe to play the 54.50 to 55.15 range," said a senior dealer with a foreign bank.

(Reporting by Swati Bhat)

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