Rupee lower; rumoured government-related buying

Fri Jan 11, 2013 1:03pm IST

A Kashmiri woman walks under a garland made of currency notes on display at a market in Srinagar September 3, 2012. REUTERS/Fayaz Kabli/fILES

A Kashmiri woman walks under a garland made of currency notes on display at a market in Srinagar September 3, 2012.

Credit: Reuters/Fayaz Kabli/fILES

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Reuters Market Eye - The rupee is off highs, falls on rumoured buying by a large state-run bank on behalf of the government, say dealers. The pair is at 54.63/64, off 54.40 lows, versus its last close at 54.56/57.

Senior dealer says given the weak rupee fundamentals, importers are seen in a hurry to cover 1-3 months imports after seeing spot trade above 55.35 this week.

November factory data shows minor contraction in activity, also capping rupee gains. (To read full story, click here)

(Reporting by Subhadip Sircar)

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