The rupee turned weak and was quoted lower by about seven paise against the US currency at 39.55/56 a dollar in morning trade on heavy dollar demand amid weakness in equity markets, which fell back after a strong start.

Despite weakness in dollar against major currencies in overseas market after the US Federal Reserve announced a surprise rate cut by 75 basis point on Tuesday, the Indian unit came under pressure due to dollar purchases by banks.

In active trade at the Interbank Foreign Exchange (forex) market, the rupee resumed better at 39.40/43 a dollar on the back of a strong bounce in equity market in early trading session this morning. It, however, fell back to 39.55/56 in late morning deals against previous close of 39.4850/4950 as the market failed to hold initial gains.

The BSE benchmark Sensex bounced by 946.66 points to 17,676.60 in the initial five minutes of trade, later later fell back to 17,285.26 at 1030 hrs, up 555.32 points from previous day’s close of 16,729.94.

Forex dealers said there was all-round dollar buying in exchange market in early trade.

Heavy FII pullout from equity also weighed on the rupee sentiment. Foreign Institutional Investors reported outflows of USD 3 billion in the last five days.

Generated Keywords for the page : money to india , to india , send money , checking account , checking accounts , nri account , icici bank , india , property , nri , account , icici , properties , flats , rupee , flat , apartment , , currency trading , share trading india , forex currency trading , nri accounts , nri account , nre accounts , fixed deposits , value rupees , fixed deposit , fixed deposit india , fixed deposits india , icici bank , nre account , nri banking , sbi nri account , shares , bank interest rates india , banks , exchange rate india , interest rates , interest rates india , exchange rates , foreign exchange rates , india currency , rupee , fii india , reserve bank of india , property kannur , types of checking accounts , send money to india free , flats virar , online money send to india , property jalandhar , property jodhpur , property nainital , send money over the internet , buy home india , car loans icici , flats kannur , icici bank car loans , loan icici , nri account india , pravasi bhartiya , property ajmer , property alwar , property patiala , remit india , remit money to india , remitt india , remittance to india , rupee account , send money 2 india , send money by credit card , wire money to india , currency transfers , dmat account nri , flat virar , icici bank jobs , icici bank nri account , icici bank usa , interest bearing checking accounts ,

Stumble it!