Indian rupee down against US dollar, Vodafone flows watched

Written by PTI | Updated: Feb 7 2014, 21:33pm hrs
Indian rupeeLocal shares giving up gains also helping pair.
US dollar/Indian rupee trading at 62.38/39, marginally higher than its previous close of 62.3650/3750.

Pair encountered selling in early session, but ran into support at 62.30/31.

Local shares giving up gains also helping pair.

Dealers, however, avoiding going long ahead of Vodafone inflows.

Vodafone Group Plc won the Indian cabinet's approval for its $1.6 billion deal to buy out minority partners in its unit in the country, Information and Broadcasting Minister Manish Tewari said on Thursday.

The euro fell to a session low against the dollar, while German bund futures rose to day's highs after a German Constitutional court referred the European Central Bank's bond-buying programme to the European Court.