Comments | Share | Print | Rate Rupee rises on higher Asian units Wednesday, 04 March , 2009, 15:08
Mumbai: The rupee was stronger in afternoon trade on Wednesday tracking gains in other Asian currencies versus the dollar while a rise in the domestic stock market also helped.
* At 1:50 p.m., the partially convertible rupee was at 51.81/82 per dollar, above Tuesday's close of 51.95/97 when it hit a record low of 52.20 during trade.
* Most Asian currencies were higher against the dollar on Wednesday.
* Indian shares were more than 0.5 per cent higher but trade was volatile as uncertainty about the world financial sector continued to haunt.
* Dealers said lower non-deliverable forward rates also helped sentiment. One-month offshore non-deliverable forward contracts were quoting at 52.02/12, retreating from levels around 52.4 seen in the previous session.
* The Reserve Bank of India is closely monitoring developments in the foreign exchange market and it will curb excessive volatility, Reserve Bank of India deputy governor Shyamala Gopinath said on Tuesday.
