The rupee weakened in afternoon trade after strengthening to its highest
in more than a week on Tuesday, tracking a slight revival in
risk-taking in other Asian markets. Dollar purchases from oil firms is
limiting sharp gains for the currency.
The euro had strengthened against the dollar too as bear market players trimmed bets ahead of G7 emergency meeting on Europe crisis and hopes of stimulus hit demand for safe haven currencies such as the dollar.
At 9:10 am, the rupee was at 55.39/40 per dollar, up by 0.47 per cent or 26 paise after hitting 55.25 earlier, its strongest against the dollar since May 25. It had closed at 55.65/66 on Monday. However, at 1:08 pm, the rupee traded lower at 55.71 against the dollar, close to the day’s low of 55.74.
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The euro had strengthened against the dollar too as bear market players trimmed bets ahead of G7 emergency meeting on Europe crisis and hopes of stimulus hit demand for safe haven currencies such as the dollar.
At 9:10 am, the rupee was at 55.39/40 per dollar, up by 0.47 per cent or 26 paise after hitting 55.25 earlier, its strongest against the dollar since May 25. It had closed at 55.65/66 on Monday. However, at 1:08 pm, the rupee traded lower at 55.71 against the dollar, close to the day’s low of 55.74.
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