RTRS: Indian rupee nudges up, but import payments weigh
The rupee edged higher on Friday, supported by the dollar's weakness against the yen and stronger stronger equity markets, but demand for the U.S. unit from importers kept a lid on the rise.
At 10:20 a.m. (0450 GMT), the partially convertible rupee was at 48.73/74 per dollar, off an early high of 48.68, and a shade stronger than Thursday's close of 48.77/78. "I see the rupee in a 48.62 and 48.75 range," a state-run bank trader said.
The dollar slipped against the yen in cautious trade before key jobs data that is expected to paint an even bleaker picture of the U.S. labour market. [FRX/]
"The stock market is up, but I don't see much of an appreciation for the rupee because there is continuous corporate demand," Paresh Nayar, chief forex dealer at Development Credit Bank, said.
India's main share index .BSESN rose more than 1 percent early, tracking stronger equity markets in Asia and the United States, as investors awaited a vote on a massive U.S. stimulus package. [.BO] (Reporting by Anurag Joshi; Editing by Ranjit Gangadharan)
