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Rupee extends losses on oil demand; share losses hurt
A cashier counts currency notes inside a bank in Lucknow July 16, 2009.
Credit: Reuters/Pawan Kumar/Files
Reuters Market Eye - The rupee extends losses to 53.85/86 versus its previous close of 53.6650/6750, tracking a further decline in the domestic share market and on the back of strong dollar demand from oil firms.
Traders say there are no dollar inflows in a holiday-shortened week, with banks preferring to cover short positions ahead of the long weekend. Forex and debt markets are closed on Friday for a local holiday.
Demand from oil firms also stronger due to the approaching month-end, when firms need to pay for their imports.
However, traders expect strong resistance around 53.90 levels, limiting further sharp gains.
( Reporting by Swati Bhat)
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