Updated: Tue, Sep 24 2013. 08 19 PM IST
Mumbai: The Indian rupee ended weaker in a quiet trading day on Tuesday, mainly because of demand for dollars from importers, even as exporters sold the US currency earlier in the day.
The Indian currency ended at 62.77 per dollar, down 0.27%, compared with its previous close of 62.5975 per dollar. It had touched a high of 62.44 earlier on Tuesday.
The rupee had opened at 62.8550 a dollar and traded in the range of 62.4450 and 62.9075 per dollar.
"Everything including the German elections have been digested by the market. Overall all emerging market currencies except Indonesian rupiah have stabilized. Today there was demand from importers and also companies ahead of half yearly closing at the end of the month," Krishnamoorthy said.
Since January this year, the rupee has weakened 12.39% and has lost the second most after the rupiah among Asian currencies during the period.
Krishnamoorthy said overall the trend looks positive for the rupee because foreign dollar inflows have returned and overnight another US Fed official said its bond buying will continue till unemployment eases further.
So far this month, foreign funds have bought equity worth $1.96 billion in India, up from $946.53 million in August.
India's benchmark Sensex ended at 19,920.21 points, up 0.10%, or 19.25 points, from the previous close.
"There is dollar demand at around 62.50 per dollar and exporters are coming to sell at 63 per dollar. I expect the rupee to be in that narrow range in the short term," Krishnamoorthy said.
The dollar index, which measures the US currency's strength against major currencies, was trading at 80.561, up 0.13% from the previous close of 80.449.
India's benchmark 10-year bond yield ended at 8.848%, down 3 basis points from previous close of 8.874%. It opened at 8.826% and touched a high and a low of 8.899% and 8.750%, respectively.
Overnight call money rate ended at 9.50%, unchanged from previous close. It opened at 9.70% and touched a high and a low of 9.70% and 9.45%, respectively.
via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHDNgOHSFBJntURh_6lBpcBuvuQjQ&url=http://www.livemint.com/Money/3imZRgJHPvrRSk1hZ8w1mN/Rupee-opens-lower-at-6285-per-dollar.html
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