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Rupee rises on higher shares, steady euro
August 21, 2012 / 7:42 AM / 5 years ago

Rupee rises on higher shares, steady euro

Reuters Market Eye - Rupee rises to 55.53/54 versus its previous close of 55.73/74 on tentative demand for risk assets.

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

The absence of any large dollar demand from oil companies also pressures USD/INR.

Traders expect the pair to trade in a broad range of 55.45 to 55.75 during the day.

The BSE Sensex gains 0.4 percent, tracking higher Asian shares on continued hopes the ECB will take action to lower borrowing costs.

The euro holds steady but appears increasingly vulnerable to a reversal amid doubts whether policymakers can agree a viable plan of action by next month to take some of the pressure off debt-stricken euro zone countries.

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