29 july 2005

rupee down
the rupee opened steady at 43.45 / 46 against the previous close of 43.4450 but moved down to 43.4975 in early deals due to a strong demand for dollars from psu banks on behalf of oil companies.

the rupee is expected to move in range of 43.44-43.52.

the dollar moved in a narrow band ahead of us economic growth data that could strengthen the federal reserve's resolve to keep raising interest rates to help the us currency.

the euro remained almost unchanged after it rose around 0.6 per cent yesterday.