The Indian rupee was off a three-week low touched in early trade on Thursday, on the back of some exporter dollar sales, dealers said. At 1:05 pm, the partially convertible rupee was at 46.68/69 per dollar, after hitting 46.78/79 – its weakest since June 11 – and compared with 46.45/46 at close on Wednesday.
There was some exporter selling at the low levels, but with stocks being weak and euro also falling against dollar, on net basis rupee is seen weakening further in the day, dealers said.
Indian shares got off to a shaky start to the new quarter, falling 1.1 per cent on Thursday as doubts resurfaced about the global economic recovery and a slower manufacturing growth at home.
The euro hit a lifetime low against the Swiss franc on Thursday, as weaker-then-expected Chinese data added to doubts about the strength of the global recovery, while jitters about funding strains in the euro zone lingered.
The index of the dollar against six major currencies was up 0.2 per cent and would be watched, dealers said.
Downside of the rupee is seen at 46.80 per dollar as exporters may find it a good level to sell, dealers said.
One-month offshore NDF contracts were quoted at 46.83/93, weaker than the onshore spot rate.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 46.83.
Source http://economictimes.indiatimes.com/markets/forex/Rupee-off-3-week-low-seen-weak-rest-of-trade/articleshow/6114471.cms
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