The Indian rupee fell back after resuming stronger against the dollar and was quoted lower at 48.74/76 in late morning trade today amid poor attendance due to a new year holiday in overseas markets.
Dealers in foreign exchange market said the rupee traded with wider quotes in volatile trade this morning as several traders were sidelined due to a holiday in the world markets.
Resuming stronger at 48.62 a dollar, the domestic unit surged to a high of 48.45 before being quoted at 48.74/76 a dollar late morning.
It had closed at 48.69/70 a dollar on December 31.
Dealers said rupee movements were influenced by dollar buying alternated by selling by exporters.
The Indian currency also drew support from higher trend in local stocks and some capital inflows into equity at the end of 2008.
Indian benchmark Sensex gained about 88 points or 0.91 per cent in early trade today.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app