Rupee off lows as corporate dollar demand fades

Source : REUTERS
Last Updated: Mon, Nov 05, 2012 08:10 hrs
A worker at a fuel station checks a 500 Indian rupee note after filing a vehicle with fuel in Kolkata

The rupee is off the day's low of 54.18 and trading at 54.05/06 versus its previous close of 53.8050/8150 as dollar demand from a large iron ore miner seen earlier in the session fades.

Traders say there is also good resistance around 54.20 levels, a level from where the pair has bounced back in recent sessions.

Broad gains in the dollar versus major units, however, prevent a further fall in the pair. The dollar hit a two-month high against a basket of major currencies after job reports last week highlighted relatively solid U.S. economic fundamentals.

The Sensex is trading flat, fail to provide any clear direction on foreign fund flows.

More from Sify: