Rupee edges higher, may rise further
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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The BSE Sensex ended up slightly on Monday after rising to a record high for a third consecutive session as strong foreign buying continued to boost domestic-focused shares such as those of HDFC Bank, but momentum waned as exporters slumped on a stronger currency. Full Article