Rupee edges higher, may rise further

Wed Dec 19, 2012 10:00am IST

Rupee notes of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/Files

Rupee notes of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012.

Credit: Reuters/Vivek Prakash/Files

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Reuters Market Eye - The rupee edges higher to 54.78/79 from its previous close of 54.85/86 as higher domestic shares and dollar selling by exporters offset losses due to demand from importers including oil, the largest buyers in the market.

Traders say gold importers also prompted to buy dollars as global gold prices stay near four-month lows.

The BSE Sensex is trading up 0.6 percent.

Traders expect the rupee to rise further later in the day as exporters are likely to short the dollar around 54.80-54.90 levels.

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