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Rupee off highs; defence bids kick in

Source : REUTERS
Last Updated: Wed, Oct 23, 2013 05:21 hrs
Cashier counts currency notes inside bank in Lucknow

The rupee is off highs on dollar bids from state-run banks for defence purchases of the government, other importers. The USD/INR pair is at 61.30/31, off 61.05 highs. The unit closed at 61.655/665 per dollar on Tuesday.

Weakness in stocks also hurting the USD/INR pair, says a dealer. The BSE Sensex is down 0.3 percent.

Pair opened a bit lower tracking global dollar weakness after U.S. nonfarm payrolls data.

Foreign funds extend buying for a 13th session, provisional buyers of $128.9 million on Tuesday, exchange data showed.



The dollar wobbled near two-year low against the euro on Wednesday after disappointing U.S. jobs data cemented expectations that the Federal Reserve will keep its stimulus in place at least until early next year.

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