CorporateRupee erases earlier gains; drops 11 paise to 45.73/$
Erasing its early gains, the rupee was trading 11 paise down at 45.73 against the dollar in late morning deals on good demand from banks for the US currency that was going strong against its other major rivals.
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In fairly active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit had opened four paise up per dollar from its yesterday"s closing level of 45.62/63 per dollar.
It was quoted at 45.66/67 in the late morning deals.
Strong dollar in overseas market mainly affected the dollar-rupee value in the domestic market, a dealer said.
The dollar today rose in the overseas market as investors were cautious of building risker positions.
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(Updated at 1029 hrs)
The rupee today fell by four paise to 45.66 a dollar in early trade as the US currency strengthened against major global units.
At the Interbank Foreign Exchange (Forex) market, the domestic unit traded four paise lower at 45.66 a dollar. The rupee was stable at 45.62/63 a dollar in the previous trading session.
Marketmen said trading in forex was directionless after the Bombay Stock Exchange benchmark Sensex moved in a narrow range in the opening session. The BSE index was trading 55 points up at 17,639.85 early trade.
They added that losses in other global currencies against the dollar also weighed on the rupee sentiment.