Business | Markets
Indian rupee remains in choppy waters with no clear direction
India's rupee trimmed gains on Wednesday as a choppy share market failed to provide adequate cues on the direction of foreign fund flows.
- Reuters
- Published: 23:16 December 3, 2008
Mumbai: India's rupee trimmed gains on Wednesday as a choppy share market failed to provide adequate cues on the direction of foreign fund flows.
The partially convertible rupee closed at 49.99/50.01 per dollar, off a high of 49.75 but still 0.3 per cent stronger than its previous close of 50.15/16 on Tuesday, when it had hit a record low of 50.65.
"The market was very dull. There was two-way interest in the market, there was dollar-demand at lower levels," said Agam Gupta, head of forex trading at Standard Chartered Bank.
Other dealers said the stock market failed to provide a clear direction to traders on foreign fund flows.
Indian shares closed mostly unchanged after a see-saw session yesterday as a grim economic outlook overshadowed most of the early gains.
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
