The US dollar edged up against the rupee at Rs 39.96/97 per dollar at the close of the Interbank Foreign Exchange (FOREX) market in Mumbai on April 7. The Indian rupee held steady at its last closing levels after a firm start against the Greenback on Monday as the central bank reportedly bought dollars to curb the rupee''s surge amid encouraging trend in equity markets.
Public sector banks are buying dollars probably on behalf of the Reserve Bank of India, forex dealers said. In quiet trade at the FOREX market, the local currency resumed higher at 39.90/92 a dollar from its last close of 39.95/96 but later lost gains and was quoted at 39.94/95 a dollar in late morning deals.
Attributing rupee''s better start to firm trend in Asian equity markets this morning, dealers said the central bank is believed to have stepped in to prevent rupee''s surge past the crucial 40 level.Indian benchmark Sensex was up 192 points during morning trading following firm Asian cues. According to the report, US employers cut a surprisingly large 80,000 jobs in March, the biggest decline in employment in five years.
Public sector banks are buying dollars probably on behalf of the Reserve Bank of India, forex dealers said. In quiet trade at the FOREX market, the local currency resumed higher at 39.90/92 a dollar from its last close of 39.95/96 but later lost gains and was quoted at 39.94/95 a dollar in late morning deals.
Attributing rupee''s better start to firm trend in Asian equity markets this morning, dealers said the central bank is believed to have stepped in to prevent rupee''s surge past the crucial 40 level.Indian benchmark Sensex was up 192 points during morning trading following firm Asian cues. According to the report, US employers cut a surprisingly large 80,000 jobs in March, the biggest decline in employment in five years.
No comments:
Post a Comment