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Rupee off lows as stocks gain; oil demand key
An employee checks a 500 Indian rupee note at a cash counter inside a bank in Agartala August 9, 2011.
Credit: Reuters/Jayanta Dey/Files
Reuters Market Eye - The rupee rises to 52.95/96 from a session high of 53.1050, as gains in the domestic shares hurt sentiment for the dollar. The cross closed at 52.87/88 on Wednesday.
Traders say dollar demand from oil firms could cap any broader losses in USD/INR.
The Sensex is up 0.7 percent, led by gains in banking shares ahead of the RBI policy review later this month.
The euro holds near a one-month high against the dollar as a fall in Spanish bond yields, strong U.S. housing data, and hopes for a year-end rebound in China boost optimism on the global economy.
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