Rupee extends losses; oil demand hurts
Reuters Market Eye - The rupee extends losses to 54.83/84 versus its previous close of 54.6150/6250 on the back of dollar demand from oil firms, along with some short-covering.
Weakness in regional and local shares also aiding sentiment for the dollar.
Dealers expect exporters to step in to sell the greenback around 54.90-95 levels, preventing a sharper rise beyond that.
(Reporting by Swati Bhat)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Data released on Friday showing a slowdown in India's economy will put the Reserve Bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival. Full Article