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Rupee lower; rumoured government-related buying

Source : REUTERS
Last Updated: Fri, Jan 11, 2013 08:06 hrs
An Indian one rupee coin is seen in this picture illustration taken in Mumbai

The rupee is off highs, falls on rumoured buying by a large state-run bank on behalf of the government, say dealers. The pair is at 54.63/64, off 54.40 lows, versus its last close at 54.56/57.

Senior dealer says given the weak rupee fundamentals, importers are seen in a hurry to cover 1-3 months imports after seeing spot trade above 55.35 this week.

November factory data shows minor contraction in activity, also capping rupee gains.

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