Rupee opens softer at 42.84/86 vs US dollar

Mumbai,Apr 11: The spot rupee today opened lower at 42.84/86 per US dollar against 42.82/84 on the previous day's close on scattered buying support from foreing banks, dealers said.

Later, it fluctuated between 42.82 and 42.92 per dollar during the mid morning session.

A leading dealer stated that the Rupee was pushed up by banks' requirements to raise cash to meet new reserve norms though rupee liquidity had improved to comfortable levels from the last few weeks.

Banks resorted to dollar liquidation after a shaky start to the session that dragged the rupee down close to 43.00. Uncertainty influenced the initial trades, as traders were still wary of the heavy corporate demand and suspected intervention that saw the rupee slip from 42.76 to 43.04 intra-day on last day.

UNI