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Friday November 6, 03:10 PM
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Rupee largely steady at 1-wk highs on stocks
MUMBAI (Reuters) - The rupee held at its highest in more than a week in afternoon trade on Friday, boosted by the rise in domestic shares and tracking the dollar's losses versus major units.
* At 2:30 p.m., the partially convertible rupee was at 46.78/79 per dollar, off an early high of 46.75, its strongest since Oct. 27 and 0.5 percent above its previous close of 47.0150/0250.
* Local shares were trading up 0.9 percent, mirroring the rise in world equities after better-than-expected U.S. jobs data bolstered investor confidence in the global economy.
* Foreign funds have so far this year purchased a net $14.2 billion worth of Indian shares, helping the rupee recover from a record low of 52.2 in early March. Last year, they had sold more than a net $13 billion, pushing the rupee down by a fifth.
* The dollar index, a gauge of the U.S. unit's performance versus six majors, was down 0.2 percent.
* In the currency futures market , the most traded near-month contracts on the National Stock Exchange (^NSEI : 5108.15 +17.6
) and MCX-SX were both quoting at 46.82 each, with the total traded volume on the two exchanges at about $1.8 million.
(Reporting by Swati Bhat; Editing by Ramya Venugopal)
(For more news on Reuters Money visit http://www.reutersmoney.in)
