Rupee at 3-week low; global dollar gains aid

Reuters Market Eye - The rupee hit a three-week low in early trade. The pair hits 61.96, highest since October 10. Currently trading 61.83/84 versus Thursday close of 61.50/51.

The pair largely tracking global dollar gains with Dollar index <.DXY> up 0.17 percent at 80.341.

The euro nursed heavy losses early in Asia on Friday, having suffered its biggest one-day drop in over six months as a shock slowdown in inflation piled pressure on the European Central Bank to further stimulate the economy.

Foreign investors bought Indian shares worth 18.75 billion rupees on Thursday, their biggest single-day purchase since May 21, provisional exchange data showed, remaining net buyers for a 20th consecutive session, bringing their total buying to nearly 181.92 billion rupees during that period.

 

Dealer tips 61.70-62.50 band for the session.

(Reporting by Subhadip Sircar)