Business Standard

Rupee flat in early trade

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Press Trust of India Mumbai
The Indian rupee was virtually flat against the US dollar in morning trading today amid steady to better equity markets as well as fears of the central bank intervention.

The rupee witnessed lacklustre activity at the Interbank Foreign Exchange (forex) market in early trade.

The local currency resumed at 39.96/98 a dollar from its last close of 39.95/96 a dollar and was later held steady at 39.96/97 a dollar in late morning deals.

Indian benchmark Sensex bounced from its early lows and was trading steady in late morning trade after Infosys Technologies announced encouraging fourth quarter performance with its future guidance far better than the market expectations.

Despite high inflation rate, the Indian unit failed to spark a surge in the light of apprehensions about a possible intervention by the central bank to keep the rupee between 39.90 and 40.00 levels.

 
In overseas markets, the dollar strengthened versus its rivals on Monday on reports of robust US retail sales data.

 

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First Published: Apr 15 2008 | 12:14 PM IST

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