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This is an archive article published on January 1, 2010

Rupee starts 2010 lower; seen in a range

The rupee opened 2010 on a slightly bearish note on Friday on the back of the dollar's gains.

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The rupee opened 2010 on a slightly bearish note on Friday on the back of the dollar’s gains against major currencies in New York trade and residual month-end demand for the US unit from refiners and importers.

With Asian markets and the local stock market shut,trading is expected to be muted.

At 9:04 a.m. the partially convertible rupee was at 46.61/62 per dollar,weaker than 46.53/54 at close on Thursday.

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The dollar rose to its highest level in more than three months against the yen on Thursday after data showed US jobless claims fell to their lowest since mid-2008,affirming optimism about the economy.

Oil is India’s biggest import and refiners are the largest buyers of dollars in the domestic currency market.

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