Don’t miss the latest developments in business and finance.

Rupee edges up on corporate dollar

Image
Reuters
Last Updated : May 29 2014 | 10:24 AM IST

Reuters Market Eye - The rupee is trading at 58.88/89 versus its previous close of 58.93/94 on the back of some continued dollar inflows but losses in the euro versus the greenback and weaker local shares are expected to limit a sharper downside to the USD/INR pair.

The BSE Sensex trading down 0.32 percent in early trade and will be watched for cues on foreign fund flows.

The U.S. dollar hovered at a two-month high against a basket of major currencies early in Asia on Thursday, having benefited from a shake out of long positions in sterling and further weakness in the euro.

Budget expectations would drive the markets in near term with traders expecting a range of 58.70 to 59.20 for the day.

Month-end dollar demand from importers is also expected to hurt the rupee.

Asian currencies trading mixed compared to the dollar.

Also Read

(Reporting by Swati Bhat)

More From This Section

First Published: May 29 2014 | 10:08 AM IST

Next Story