Rupee trading above 59; foreign banks sell dollars

Reuters Market Eye - The rupee was trading above 59 versus the dollar after rising to as much as 58.93, its highest since June 19. The unit is stronger compared to its Wednesday's close of 59.13/14.

Traders say foreign banks seen selling the greenback on the back of the Reserve Bank of India measures, which has made the domestic currency much costlier.

Essar Oil was also spotted selling the greenback, two traders say, though the quantum of sale was not known.

The pair is seen holding in a 58.80 to 59.20 range in the rest of the session.

Month-end dollar demand from importers particularly oil is expected to keep losses in check, dealers add.

 

(Reporting by Swati Bhat)