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Euro's innings in India begins on a sedate note

Euro, the common currency of the European Union which made its debut today in the forex dealing rooms across the world, started trading in the Indian interbank forex market on a lacklustre note.

Initial hesitation towards Euro by the corporates prompted major banks to strike only a few deals in the new currency.

According to forex dealers with major foreign, private and public sector banks, the average size of deals was a few million dollars.

Sources at Deutsche Bank said the Euro volume of the bank was US $ 5 million, transacted in the range of $ 1.1850-70.

Citibank too picked up US $ 2 million worth Euros from the market. Both banks bought the new currency on behalf of some corporate clients.

The Euro opened at Rs 50.33 against the rupee and ended at Rs 50.20.

According to dealers, dollar opened at 1.1847 and ended at 1.1790 to a Euro.

The first deal in Euro by an Indian bank was struck on Friday between State Bank of India and ABN-Amro Bank. The deal was worth US $ 5 million at US $ 1.1740 per Euro.

The deal suggests that the Euro has appreciated marginally against the dollar.

Business news