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Indian rupee steady as importer demand offset inflows
MUMBAI |
MUMBAI Feb 23 (Reuters) - The Indian rupee was little changed in afternoon trading on Thursday as strong demand for dollar from oil importers offset gains from capital inflows.
* At 1:10 p.m. (0740 GMT), the rupee was trading at 49.24/25 to the dollar, nearly flat from Wednesday's close of 49.22/23. It touched a low of 49.32 in early trading.
* Foreign funds have poured in more than $8.6 billion into Indian equities and debt so far in 2012, helping the rupee rise by around 8 percent after the 16 percent drop in 2011.
* Oil refiners, the biggest buyers of dollars in the local currency market, have scaled up their purchases in the past few days to clear outstanding import payments to Iran as quickly as possible as a result of tightening Western sanctions.
* India imports about 80 percent of its oil requirements, of which about 12 percent comes from Iran. (Reporting by Aditya Phatak; Editing by Subhadip Sircar)
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