Rupee retreats from lows as cbank steps up dollar purchases
Currency
Rupee was trading at 59.80/81 versus its close of 59.73/74 as the central bank steps down dollar purchases while a fall in the domestic sharemarket also hurts.
Dealers say the central bank has been spotted buying dollars sporadically via state-run banks to prevent the local unit from gaining sharply.
Overseas investors bought Indian shares worth $159.20 million on Thursday, provisional exchange data shows.
However, the main share index currently trading down 0.6 per cent.
The Rupee pair expected to hold in a range of 59.50 to 59.90 during the rest of the session. Most other Asian currencies, however, trading stronger compared to the dollar.
Source: economictimes
