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Rupee firms on strong euro, Asian peers

27 Jan 2011 08:45 | Economy

The rupee strengthened on Thursday on the back of a strong euro and gains in Asian currencies, dealers said.

At 10:20 a.m., the partially convertible rupee was at 45.5625/5700 per dollar, firmer than the previous close close of 45.69/71.

The euro clung near a two-month high in Asian trade after the U.S. Federal Reserve showed no haste to scale back its easy policy, disappointing some dollar bulls who had expected slightly more hawkish language.

The dollar index, a measure of the greenback's performance against six major currencies, was down 0.19 percent at 77.751 points.

"The euro's gain against the dollar could also add to the rupee's strength," said a dealer, who forecast the rupee to move in a range of 45.50/75.

Some dollar buying by importers around 45.60 may be seen, dealers said.

Indian shares were trading down 0.4 percent amid tapering interest from foreign funds.


Source:  indiatimes

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