Rupee edges up in muted business

MUMBAI, AUG. 10. The rupee staged a mild rally against the U.S. currency today on renewed exporter dollar sales and late unwinding of long positions by banks, overcoming the early depressed sentiment, a temporary fallout from the downgrade of its sovereign currency rating. Closing at 47.1150/1200 a dollar at the inter-bank foreign exchange market, a one paisa gain from Thursday's finish of 47.1250/1300, the rupee was wedged in a tight band of 47.1150 and 47.1400 in muted business.

It opened softer at 47.1250/1350 and tested early intra-day low of 47.1350/1400 after banks went long on the dollar on a mild reaction to the downgrading of India's outlook by Moody's Investor Service and Standard & Poor's.However, strong economic fundamentals asserted its grip on the market to overcome the initial blips and allowed the rupee to bounce back with gains, dealers said.

- PTI

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Section  : Business
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