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Friday, July 16, 2010

Importers buy dollars, rupee falls

MUMBAI: On Friday the Indian rupee fell as the importers bought dollars and to a larger extent steady domestic shares could provide a very little direction, traders said.

  • At 9:30 a.m., the partially convertible rupee was at 46.70/71 per dollar, weaker than Thursday’s closing of 46.60/61.
  • The dollar has weakened to a near 2-1/2-month low against a basket on currencies on Friday. The euro’s outlook seems positive due a short-covering rally that lifted it through key resistance levels.
  • Shares at the NSE and BSE were barely traded early today apart from Tata Consultancy Services which rallied after the company beat forecast and said it was expecting a strong                                                        demand in the near term.

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