This Article is From Jul 09, 2014

Rupee Holds Steady Despite Weakness in Stocks

Rupee Holds Steady Despite Weakness in Stocks

The rupee was trading at 59.83 versus its Tuesday's close of 59.78, tracking a fall in most Asian share markets while caution prevailed a day ahead of the budget.

Most Asian currencies, however were trading stronger versus the dollar and will limit a sharp rise in the pair.

Asian stocks fell on Wednesday after US stocks skidded, while a drop in US Treasury yields kept up pressure on the dollar.

Traders will monitor the domestic share market for clues on the direction of foreign fund flows. The Nifty is flat in morning trade.

USD/INR is seen moving in a 59.80 to 60.20 range during the session.

(With inputs from Reuters)