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Monday August 24, 02:30 PM
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Rupee trims rise on month-end dollar demand
MUMBAI (Reuters) - The rupee trimmed gains in afternoon session on Monday, weighed by the U.S. unit's rise versus majors and dollar demand from importers, but a more than 2.5 percent rise in local shares helped prevent a further slide.
* At 1:38 p.m. the partially convertible rupee was at 48.53/54 per dollar, off an early high of 48.3850 but still stronger than its previous close of 48.62/63.
* Dealers said month-end dollar demand from importers and oil refiners to meet import commitments also weighed.
* The dollar index, a gauge of the U.S. unit's performance versus six majors, was up 0.3 percent.
* Indian shares were trading up 2.5 percent tracking strong Asian peers, after Wall Street rose on Friday following surprisingly good U.S. home sales data and positive comments by the chief of the U.S. Federal Reserve.
* In the currency futures market, the most traded near-month contract on the National Stock Exchange (^NSEI : 4941.75 -63.8
) and MCX-SX was quoting at 48.5150 and 48.5125 respectively, with the total traded volume on the two exchanges at about $960 million.
(For more news on Reuters Money click http://in.reuters.com/money)
