This Article is From Jul 04, 2014

Rupee Retreats From Highs as RBI Steps Up Dollar Purchases

The rupee was trading at 59.80/81 versus its close of 59.73/74 on Friday as the Reserve Bank of India (RBI) stepped up dollar purchases while a fall in the domestic sharemarket also hurt.

The apex bank has been spotted buying dollars sporadically via state-run banks to prevent the local unit from gaining sharply, dealer said.

Overseas investors bought Indian shares worth $159.20 million on Thursday, provisional exchange data showed. However, the BSE Sensex was seen trading down 0.6 per cent.

The rupee is 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.

Copyright @ Thomson Reuters 2014