Dollar selling by exporters and higher opening in equity market supported the rupee
The industrial output data shows an unexpected contraction
Besides dollar's gains against euro & yen in overseas mkts, weak opening in stock mkt also put pressure on rupee
Local stocks down 0.4%, though more muted than Asian peers
The central bank also purchased $778 million dollars in May and $650 in June
Solar ATMs, developed by Chennai-based Vortex, are helping spread banking in remote areas
Fails to maintain initial gains on fresh dollar demand from banks and importers
Local stocks flat with Sensex down 0.1 percent.
Cashing in on middle-class values
Increased dollar demand from importers & lower opening in domestic equity mkt put pressure on rupee
At 55.52/54 after rising to 55.59, versus 55.34/35 last close
After a rise in July core inflation tempered expectations for an interest rate cut
A low WPI inflation number at 6.8% for July capped the gains in US dollar
Ambedkar is HSBC's banker to India's wealthy
Sustained demand from banks & importers, and higher dollar in New York mkt affected rupee value