Rupee remains above 55 level

The week opening of the Indian rupee on Friday continued well into the afternoon with the currency trading at 55.58 to the dollar at 2.41 pm.

The rupee on Friday retreated from a two-week high in the previous session as investors dumped riskier assets on reduced hopes for more monetary stimulus by the Federal Reserve.

It opened above the psychologically important 55-level on Friday at 55.20.

The rupee had strengthened yesterday as inflows from custodian banks continued with equity markets staying firm, while a foreign bank was spotted selling dollars, traders said. The gains in Euro too boosted sentiment for riskier assets like the Rupee.

Asian shares too edged lower on Friday, hurt by disappointment that Federal Reserve chairman Ben Bernanke gave no clues on whether a U.S. easing was in the offer, outweighing any positive effect from China rate cuts.

With inputs from Thomson Reuters

The week opening of the Indian rupee on Friday continued well into the afternoon with the currency trading at 55.58 to the dollar at 2.41 pm.

The rupee on Friday retreated from a two-week high in the previous session as investors dumped riskier assets on reduced hopes for more monetary stimulus by the Federal Reserve.

It opened above the psychologically important 55-level on Friday at 55.20.

The rupee had strengthened yesterday as inflows from custodian banks continued with equity markets staying firm, while a foreign bank was spotted selling dollars, traders said. The gains in Euro too boosted sentiment for riskier assets like the Rupee.

Asian shares too edged lower on Friday, hurt by disappointment that Federal Reserve chairman Ben Bernanke gave no clues on whether a U.S. easing was in the offer, outweighing any positive effect from China rate cuts.

With inputs from Thomson Reuters