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Friday November 20, 03:20 PM
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Rupee largely steady; stock gains help
MUMBAI (Reuters) - The rupee further recovered from fresh one-week lows touched early on Friday helped by an over-1 percent rise in local shares but a stronger dollar overseas limited a sharper rise.
* At 2:30 p.m., the partially convertible rupee was at 46.52/53 per dollar after hitting 46.75, which was its weakest since Nov. 13. It had closed at 46.6850/6950 in the previous session.
* The dollar and yen on Friday kept their broad gains made the previous day but investor selling of higher-yielding currencies slowed as profit-booking on their rallies of the past few months eased up.
* The BSE Sensex (^BSESN : 16031.95 -10.23
) reversed early losses and rose 1 percent on Friday afternoon, led by Reliance Industries (RELIANCE.NS : 990.7 -2.55), as investor sentiment improved with European markets edging higher.
* Foreign portfolio investments of nearly $15.4 billion in 2009, have helped the rupee recover from a record low of 52.2 touched in early March.
* One-month offshore non-deliverable forward contracts were quoting at 46.58, marginally weaker than the onshore spot rate.
* In the currency futures market, the most traded near-month contracts on the National Stock Exchange (^NSEI : 4779.95 -12.7) and MCX-SX were quoting at 46.5475 and 46.55 respectively, with the total traded volume on the two exchanges at about $2.4 billion.
(Reporting by Swati Bhat)
(For more news on Reuters Money visit http://www.reutersmoney.in)
