Rupee still higher; Bharti Infratel, reform bills key

Mon Dec 10, 2012 2:38pm IST

A Kashmiri shopkeeper staples together currency notes to make a garland at a market in Srinagar September 3, 2012. REUTERS/Fayaz Kabli/Files

A Kashmiri shopkeeper staples together currency notes to make a garland at a market in Srinagar September 3, 2012.

Credit: Reuters/Fayaz Kabli/Files

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Reuters Market Eye - The rupee still higher at 54.35/36 levels versus last close at 54.47/48. Volumes remain thin as traders on holiday, leading to volatility on small moves.

Bharti Infratel IPO, which opens for retail investors on Tuesday, will be watched for inflows. Dealer expects 'substantial" flows on account of the share sale.

Bharti Infratel Ltd, the telecommunications tower unit of top Indian phone carrier Bharti Airtel Ltd (BRTI.NS), is set to raise up to $825 million in what would be the country's biggest initial share offering in two years.

Parliament will be watched with the Banking Act amendment bill, a key financial bill, likely to come up for passage.

USD/INR has multiple resistances between 54.89 and 54.94, which is an area marked by previous support and resistances and 14-day average.

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