MUMBAI: The rupee at 48.70/72 per dollar, from its previous close of 48.68/69 as gains of more than 3 percent in the domestic equity market were
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offset by the demand for dollars from refiners and state-run firms.
The rupee pared most losses in afternoon trade on Friday as gains of more than 3 percent in the domestic equity market offset the demand for dollars from refiners and state-run firms.
* At 2:27 p.m., the partially convertible rupee was at 48.66/67 per dollar, little changed from its Thursday's close of 48.68/69. The unit has traded in a narrow 48.60-48.74 band so far in the session.
* Indian shares rose more than 3 percent on Friday, as upbeat earnings reports from key U.S. firms fuelled a Wall Street rally overnight and lifted sentiment across Asia.
* One-month offshore non-deliverable forward rupee contracts were quoting at 48.72/82, marginally weaker than the onshore spot rate.
* Dealers said the rupee's weakness earlier in the session was due to dollar demand from oil firms and state-run banks likely for some defence-related payment.
* In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at 48.6925, with the total traded volume on the two exchanges at about $715 million.
