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Rupee pares gains; domestic stocks falter
July 16, 2012 / 8:33 AM / 5 years ago

Rupee pares gains; domestic stocks falter

Reuters Market Eye - The rupee pared some of its earlier gains, tracking flat domestic equities; last trading at 55.03/04 vs 55.14/15 close on Friday.

A shopkeeper holds a garland made of Indian currency notes inside his shop at Noida in Uttar Pradesh January 16, 2011. REUTERS/Parivartan Sharma/Files

The rupee had risen to as high as 54.7650 after headline inflation slowed to 7.25 percent in June from a year ago, which momentarily boosted stock markets on hopes the RBI would consider a cut in interest rates at its July 31 policy review.

However, the Sensex was flat on the day, after earlier gaining as much as 0.4 percent.

Traders cite caution as core inflation remains unchanged at around 4.85 percent from May levels, while Infosys (INFY.NS) drops for a third straight day.

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