Rupee slips to maintain initial gains against US dollar : worldleaks
The Indian rupee broke to maintain initial gains against the US dollar and was quoted lower by seven paise to 63 a dollar in late morning deals, on fresh demand for the US currency from banks and importers on the back of its higher value overseas.
The rupee had lost 36 paise to close at 62.93 over the dollar on Thursday
The domestic currency took up higher at 62.90 per dollar against the last closing level of 62.93 at the Interbank Foreign Exchange (Forex) Market and moved up further to 62.85. However, it failed to maintain initial gains and was quoted at 63.00 per dollar at 10.45 am.
The rupee hovered in a range of 62.85 and 63.07 per dollar on the late morning deals.
In New York, the US dollar rose above 101 Japanese yen yesterday as investors continued to focus on monetary policy instead of economic data. The Bank of Japan got out monetary policy unchanged, as expected.
Meanwhile, the BSE Sensex was trading 67.58 points higher at 20,296.63 at the same time.
For more articles : www.worldleaks.com