ET:Rupee backs from 1-month high on importer dollar demand
MUMBAI: The Indian rupee was firm on Wednesday in tandem with broad dollar weakness overseas, but pulled back from one-month high due to choppy local shares and importer demand.
* At 12:53 p.m., the partially convertible rupee was at 44.63/64 per dollar versus 44.67/68 last close. The rupee had earlier touched 44.5750, its highest level since May 5.
* The dollar slipped under 80 yen to a one-month low on Wednesday as the yen was bought back broadly amid heightened risk-aversion reflecting general fall in Asian shares.
The U.S. currency was also weighed down by comments by Federal Reserve Chairman Ben Bernanke that bolstered expectations for U.S. interest rates to stay low for now.
* The euro was trading at $1.4676 and the dollar index against six major currencies was up 0.09 percent at 73.586 points.
* Indian shares eased 0.3 percent on Wednesday, joining a drop across Asia, as investors fretted about growth worries and slowing earnings outlook for companies.
* Oil is India's biggest import and domestic refiners are largest dollar purchasers in local forex market.