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Rupee lower; bunched-up inflows seen

Source : REUTERS
Last Updated: Tue, Apr 02, 2013 04:30 hrs
A grocery shop owner counts rupees in the western Indian city of Ahmedabad

The rupee is lower in trade. Concerns about the record current account deficit weigh, but bunched inflows keep dollar gains in check, say dealers. The pair is at 54.33/34, 54.30 open, 54.28/29 Thursday close.

"There could be some supply initially on weekend inflows, but bids should emerge later during the day," says a private bank dealer.

Indian forex markets were shut on Friday and Monday for holidays.

The pair tipped to be in a 54.25-54.55 band for the session.

The yen shot to a one-month high against the dollar on Tuesday after softer-than-expected U.S. manufacturing data prompted investors to sell the greenback.



India said on Thursday it would do what was needed to tackle its current account deficit, after heavy oil and gold imports together with muted exports drove the gap to a record high in the December quarter.

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