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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.



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