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Rupee edges down on oil demand
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A Kashmiri shopkeeper staples together currency notes to make a garland at a market in Srinagar September 3, 2012.
Credit: Reuters/Fayaz Kabli/Files
Reuters Market Eye - The rupee edges lower to 55.33/34 versus its close of 55.21/22 as traders build back longs after the Indian unit fell to its highest level in three weeks of 55.14 in the previous session.
Traders say some dollar demand from oil refiners and expected weakness in the domestic share market could boost the pair.
However, the euro continues to hold near four-month highs ahead of the U.S. Federal Reserve meeting outcome where it is expected to announce more monetary stimulus which will hurt the dollar.
Traders say the pair is seen holding in at 55 to 55.50 range during the session.
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