The rupee on Jan 17 barely changed at 39.3050/3150 against the greenback after moving in a narrow range in the day on continued dollar demand by banks amid weakness in equity markets. The Reserve Bank of India (RBI) continued to intervene in the exchange market to block any surge the rupee in the wake of huge response from foreign investors towards Reliance IPO, forex dealers said.
The foreign institutional investors have submitted bids worth about USD 30 billion for shares of Reliance Power. At the Interbank Foreign Exchange (forex) market, the local currency remained trapped in a range of 39.2700 and 39.3450 during the day after resuming weak at 39.31/32 a dollar from its previous close of 39.29/30 a dollar. Dealers said banks bought dollar on behalf of the apex bank but purchases in the greenback were not as aggressive as it was on Jan 16.
The foreign institutional investors have submitted bids worth about USD 30 billion for shares of Reliance Power. At the Interbank Foreign Exchange (forex) market, the local currency remained trapped in a range of 39.2700 and 39.3450 during the day after resuming weak at 39.31/32 a dollar from its previous close of 39.29/30 a dollar. Dealers said banks bought dollar on behalf of the apex bank but purchases in the greenback were not as aggressive as it was on Jan 16.
No comments:
Post a Comment