Rupee steady against dollar in early trade
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Rupee steady against dollar in early trade

The domestic unit was quoted at Rs 45.56/57 per dollar, a little changed from overnight closing levels of Rs 45.55/57.

india Updated: May 23, 2006 10:54 IST

Rupee on Tuesday held steady against the US currency in generally quiet but cautious early trade at the Interbank Foreign Exchange market with the outlook uncertain due to rising oil prices and a slowdown in foreign fund inflows.

The domestic unit was quoted at Rs 45.56/57 per dollar, a little changed from overnight closing levels of Rs 45.55/57 following a positive start at Rs 45.5450/5550.

The forex spot trade remained dull and within narrow band due to lack of market moving factors. A retreating dollar overseas remained a positive factor for the rupee even as a pull out by FIIs and rising crude oil prices would weigh on its value.

The market would be monitoring the trends at the stock market for further clues to rupee direction, a forex dealer said.

Meanwhile, Foreign Institutional Investors (FIIs) were net sellers to the tune of $302.9 million on May 19 and pulled out a total of $865.20 million from equity market in five trading days of the last week.

World crude oil prices rose to over $70 a barrel and was quoted at $70.34 a barrel in early Asian trade today due to renewed supply concerns.

In cross currency trade, the Euro was quoted at Rs 58.61/63, Pound Sterling at Rs 85.80/82 and a Japanese Yen (100) at Rs 40.80/83.

First Published: May 23, 2006 10:54 IST