Rupee steady against U.S. currency

By agencies   |   Tuesday, 26 July 2005, 07:00 Hrs
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MUMBAI: Rupee remained steady against the U.S. currency early today with mild downward buyers on light corporate dollar demand, following a strong dollar overseas and firm global oil prices.

In a cautious trade at the Interbank Foreign Exchange (Forex) market here this morning, the rupee is quoted at 43.4750/4850 per dollar at 10.15 am, a shade lower from last Friday's close of 43.47/48 per dollar.

The rupee opened weak at 43.48/49 per dollar.

A resurgent dollar overseas amid firm global oil prices exerted mild pressure on the rupee but adequate dollar supplies from foreign funds inflows would neutralize the effect, a forex dealer said.

Global crude oil prices were hovering around $58.75/80 a barrel in early Asian trade due to supply concerns.

Foreign Institutional Investors (FIIs) have injected over $1.25 billion in the equity market during July so far. FIIs had pumped in $1.2 billion in June taking the total net inflows to over $5.7 billion in the current calendar year.

Turning to cross currency trade, the indicative rate for the Euro was quoted at Rs 52.42/44, Pound Sterling at Rs 75.54/56 and the Japanese Yen (100) at Rs 38.95/98.

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