Rupee edges up; oil demand limits downside
Reuters Market Eye - The rupee edges up to 55.42/43 versus its previous close of 55.535/545, tracking the greenback's losses versus other Asian currencies and a slight risk-on mood in global markets.
Asian shares inch up on Monday on hopes that Greece can avoid a near-term bankruptcy.
Euro at a seven-month high against the yen and a one-month peak against the dollar.
Nifty India stock futures traded in Singapore up 0.3 percent, suggesting a positive start to the local market.
Traders expect oil-related dollar demand to meet month-end import commitments to prevail through the day, limiting any sharp fall in the pair. USD/INR seen moving in a 55.30 to 55.60 range initially.
- Tweet this
- Share this
- Digg this
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article