Rupee breaks 6-day slide as US Fed signals lift equities | business | Hindustan Times
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Rupee breaks 6-day slide as US Fed signals lift equities

business Updated: Aug 10, 2011 10:47 IST
rupee

The rupee snapped a 6-day weakening streak on Wednesday as global equities rebounded and the dollar fell after the US Federal Reserve promised to keep rates low for at least two years.

At 9:18 a.m., the partially convertible rupee was at 44.9750/9775 per dollar, stronger from Tuesday's close 45.205/215, when it had hit an 11-week-low of 45.40.

The euro was at $1.4348 from $1.4259 when the rupee closed on Tuesday, while the index of the dollar against six major currencies was down at 74.020 points from 74.448.

The dollar edged up against the Australian dollar, but its bounce was limited after the U.S. Fed vow on rates reaffirmed the greenback's status as a funding currency of choice for carry trades.

Traders said the rupee's intraday moves would be decided by dollar demand from oil companies for import payments to Iran and movement in local equities.