Rupee largely steady; shares, dollar moves eyed

MUMBAI: The Indian rupee continued to trade mostly steady on Friday afternoon, tracking mild losses in domestic shares with traders watching the dollar's moves versus majors for further direction.

* At 1:55 p.m., the partially convertible rupee was at 46.55/56 per dollar, little changed from Wednesday's close of 46.5550/5650. Rupee has traded in a range of 46.5450 to 46.64 so far during the session. Forex and debt markets were shut on Thursday for a local holiday.

* Shares were down 0.2 percent, a day after hitting 30-month highs, as fresh U.S. data amplified concerns about the world's largest economy and depressed Asian markets.

* The index of the dollar against six major currencies was up 0.1 percent but most regional currencies were weaker compared to the U.S. unit.

* The dollar steadied against the yen on Friday but stayed within reach of a 15-year trough hit last week, after weaker U.S. data prompted investors to sell higher-yielding currencies and stocks on risk aversion.

* One-month offshore non-deliverable forward contracts were quoted at 46.79, 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 46.5950, with the total traded volume on the two exchanges at about $2.6 billion.

Source - http://economictimes.indiatimes.com/markets/forex/Rupee-largely-steady-shares-dollar-moves-eyed/articleshow/6378840.cms