Rupee extends losses on oil demand; share losses hurt

Thu Jan 24, 2013 12:43pm IST

A cashier counts currency notes inside a bank in Lucknow July 16, 2009. REUTERS/Pawan Kumar/Files

A cashier counts currency notes inside a bank in Lucknow July 16, 2009.

Credit: Reuters/Pawan Kumar/Files

Related Topics

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)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Earnings Season

Reuters Showcase

Obama In India

Obama In India

In parting shot, Obama prods India on religious freedom.  Full Article 

Market Rally

Market Rally

Sensex, Nifty hit record high for fifth straight session.  Full Article 

Restructuring

Restructuring

Max India to be split into three separate companies.  Full Article 

India’s Male Tenor

India’s Male Tenor

India’s lone male tenor wants to ‘Indianise’ opera  Full Article 

Indian Equities

Indian Equities

Hornbill raising $250 mln to invest in equities - partner.  Full Article 

Ratings Downgrade

Ratings Downgrade

S&P downgrades Russia's sovereign credit rating to "junk".  Full Article 

Facebook Outage

Facebook Outage

Facebook takes blame for service outages, which hit wider Web.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage