Rupee hovers near 7-month highs

MUMBAI: The rupee held steady under seven-month highs against the dollar on Thursday amid uncertain global currency outlook and as traders booked profits after a sharp rally in recent weeks.  

On Thursday morning, the partially convertible rupee was at 44.697544.7050 compared to 44.692544.70 at the previous close.

“It's been a very quiet start for the rupee. If the dollar and yen breaks above 118, we may see some further profit-taking on the rupee, but at the moment it seems like a rainy day,” said Rajendra Prasad Patra, a currency trader at Mizuho Corporate.  

The dollar was trading around 117.90 yen, but was within sight of a six-week low against the euro as investors waited for U.S. trade data later in the day.

The rupee hit a seven-month high of 44.64 on Tuesday and has gained more than 5 percent from a three-year low of 47.04 in July as a stock market rally to record highs has attracted foreign buyers.  

The benchmark share index has gained almost 40 percent this year, helped by foreign fund inflows of more than $7 billion.