Dollar sales from foreign banks in the morning are sparking talk of inflows related to Unilever's open offer for its India unit.
Unilever Plc plans to pay up to $5.4 billion to raise its stake in its Indian subsidiary Hindustan Unilever Ltd. The open offer opens June 21 and closes July 4. HSBC is the manager to the open offer.
The rupee is currently trading at 55.65/66 from its Thursday close of 55.57/58 as the USD/INR pair was supported by dollar buying by a private refiner.