The Indian rupee rose 0.2 percent on Wednesday, aided by robust capital inflows and falling oil prices which slowed demand for dollars from refiners. Traders said there was also some follow-on dollar selling by a couple of foreign banks possibly related to Hinduja TMT's sale of a 5.1 percent stake in an unlisted mobile services firm to a unit of Hutchison group for $450 million.
The rupee ended 0.2 percent up at 46.18/19 per dollar, its highest since Friday. It closed at 46.27/28 on Tuesday.
"The market is stuck in a range at the moment. It needs to break 46.10 on the higher side or 46.30 on the lower side to determine further trend," said Sreebhasyam Srinivas, senior currency trader at Bank of Nova Scotia.
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