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Rupee marginally up in early trade

The rupee changes marginally against the US currency during morning trade amid signs of range-bound activity latter in the day.

india Updated: Oct 05, 2006 12:01 IST

The rupee was marginally changed against the US currency during morning trade amid signs of range-bound activity latter in the day, with dollar demand and supplies likely to match.

In lacklustre activity at the interbank foreign exchange (Forex) market, the Indian unit resumed higher at Rs 45.71/73 per dollar from overnight close of Rs 45.7350/7450 per dollar and later appreciated to Rs 45.7050/7150 before ruling steady at around opening levels in late morning deals.

The rupee was little changed in early trade and likely to trade in a range of 45.65-45.75 during the day, a leading Forex dealer said.

Dollar inflows in equity market are expected to match the demand from oil companies during the day, he added.

Meanwhile, the US housing sector's downturn, which could be interpreted as concern about a possible hard-landing of the economy that could lead to a interest rate cut by the Fed and a dollar sell off in overseas markets.