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BW Businessworld

Rupee Higher In Rangebound Trade

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The rupee is marginally higher in rangebound trade, at 61.82/83 versus Wednesday's (1 January) close of 61.90/91.

Pair trying to break free from recent rangebound trade, some initial buying was there, but offered well.

Pair still trading below 100-day moving average.

Pair likely to move in a range of 61.70-62.20 with upticks to be sold, says a dealer with a forex broking firm.

Shares showing gains, up 0.6 per cent.

Foreign funds were buyers of $1.63 mln in stocks on Wednesday, provisional exchange data showed.

Asian markets got the new year off to a sluggish start as Chinese economic data disappointed ahead of a raft of reports on global manufacturing due out through the session.