Seesaw of Rupee continues…

According to a latest Money Market News the rupee was showing ups and downs on Wednesday, tailing a volatile stock market, after rallying 4.3 percent in the previous three sessions.

At 10:38 a.m. (0508 GMT), the partially convertible rupee was at 47.73/75 per dollar, little changed from its Tuesday’s close of 47.75/77.

A comfortable victory for the ruling coalition in national elections had boosted Indian markets, sending the main stock index up 17.5 percent in two days on hopes for economic reforms and more foreign investment.

However, profit-taking kept the stock market choppy in early trade and this dominated the foreign exchange market, dealers said.