Mumbai: Indian Rupee remained strong against the US dollar amid weakn

Mumbai: Indian rupee slipped to its lowest in two weeks today, accompanying the positive behavior of other Asian currencies versus dollar earlier than key U.S. statistics this week, and on worries regarding RBI involvement.

In morning trades, the partially convertible rupee stood at 39.860/865 per dollar, off an early low of 39.90 but still under its last closure (on Monday) of 39.85/86. Markets remained closed on Tuesday for a holiday.

Last week the rupee ascended to a high of 39.62, its all-time peak since April 1998.

Mumbai: The rupee dropped off from nine-and-a-half year peaks on yesterday, driven lower by suspected central bank interference and some short covering by capitalists, even if flows into the stock exchange limited losses.

The partially convertible rupee ended at 39.8450/8500 per dollar, dislocating from its last day close of 39.71/72, when it hit a high of 39.62 in early trade its most accented since April 1998.

Kolkata: An IIFT functionary said that exporters will be hurt with the continuing rupee appreciation as against the USD dollar as they could soak up the exchange shock only upto Rs 42 per dollar.

Indian Institute of Foreign Trade director K T Chacko, said, “To our understanding exporters can absorb exchange shock upto Rs 42 for a dollar while now has breached the Rs 40 mark.”

Mumbai: The rupee marched near to a fresh nine-year peak today, hiked up by strong capital inflows, but caution the RBI may interfere checked the rupee’s increase.

In early trading, the partially convertible rupee stood at 39.88/89 per dollar, barely changed from its last close of 39.89/90 and in sights of 39.85 its record since May 1998.

A market dealer said, “These are good levels to take some profits as the rupee has rallied quite a lot this week.”