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Rupee strong against dollar; gains in domestic shares hurts

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Rupee strong against dollar; gains in domestic shares hurts

Rupee traded stronger against the dollar on Tuesday afternoon at 54.79/80 versus its previous close of 54.99/55.00 tracking gains in the domestic share market after U.S. reaches a deal on the "fiscal cliff".

The U.S. Senate on Tuesday, two hours after a December 31 deadline had lapsed, approved legislation aimed at averting the "fiscal cliff" by stopping most tax hikes and across-the-board spending cuts that were due to begin with the new year.

Domestic shares traded 0.9 per cent higher on optimism after the U.S. deal nearing a closure.

Traders expect the pair to move in a 54.60 to 54.90 range in the rest of the session.

Copyright @ Thomson Reuters 2012

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