Indian Rupee: Off Early Highs 11-Feb-2014

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gsr-3546The Indian rupee climbed higher in early trades on Tuesday, February 11, 2014 on account of dollar weakness overseas and as positive local equities further supported. The domestic currency opened stronger by 11 paise at Rs 62.34 against the US dollar and inched up to a high of 62.33 before retreating back to a low of 62.44 so far during the day. In the spot currency market, the Indian unit was last seen trading at 62.40, down 5 paise or 0.08% as compared to previous close at 62.45.

Rupee snapped a two-day rising streak on Monday as demand for dollars was seen from importers, while shares edged lower, posting their first fall in five sessions because of continued selling by foreign investors.

Domestic benchmark indices hovered in positive terrain in morning trade as firmness in Asian stocks boosted sentiment. Asian stocks rose on Tuesday, extending gains into a fourth day before Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day today, 11 February 2014. At the time of writing, the S&P BSE Sensex was up 43.07 points or 0.21% to 20,377.34 while the CNX Nifty was up 7.70 points or 0.13% to 6,061.15

In the global currency market, the dollar wallowed near a two-week low against a basket of major currencies early on Tuesday, following a subdued US session trade as markets hunkered down ahead of congressional testimony by new Federal Reserve Chief Janet Yellen.

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