Money & Banking

Rupee marginally up against dollar

| Updated on June 09, 2011 Published on June 09, 2011

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The rupee moved up marginally by 2 paise to 44.68/69 per US dollar in the late morning trade today on mild selling of the American currency by some banks despite dollar’s firmness in the overseas market.

The domestic unit resumed slightly lower at 44.71/72 per dollar at the Interbank Foreign Exchange against yesterday’s close of 44.70/71 and moved down further to 44.75 on good dollar demand from banks.

However, the domestic unit recovered immediately to 44.64 per dollar before quoting at 44.68/69 at 10.30 a.m.

In New York, the greenback rose against the euro and other major currencies yesterday after the Federal Reserve Chairman, Mr Ben Bernanke, indicated there would not be a further round of quantitative easing.

His comments, out late Tuesday, had weighed on the dollar in the direct aftermath of the speech. But as global equities and commodities also sold off in reaction, investors moved to the dollar and other currencies viewed as safe havens.

Published on June 09, 2011
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