Monday, November 29, 1999

Rupee off 1-month high as stocks dip; dlr eyed

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The rupee was slightly off a one-month high in afternoon trade on Friday as local shares gave up early gains, and traders said they would watch the performance of the U.S. dollar overseas for further cues.* At 1:52 p.m., the partially convertible rupee was at 46.1575/1650 per dollar, off 46.095, its strongest since May 19. It had closed at 46.30/31 on Thursday.* The index of the dollar against six major currencies was down 0.13 percent, and Indian shares were trading 0.24 percent lower after rising as high as 0.6 percent early in the day* The euro held steady near three-week highs on Friday, on track for its second straight week of gains, while the dollar appeared vulnerable to further losses after falling below a key chart level.(Reporting by Jeanette Rodrigues; Editing by Sunil Nair)(For more business news on Reuters India click
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