Rupee inches higher; month-end oil demand limits fall

Tue Jan 29, 2013 9:43am IST

A grocery shop owner counts rupees notes in Ahmedabad May 23, 2012. REUTERS/Amit Dave/Files

A grocery shop owner counts rupees notes in Ahmedabad May 23, 2012.

Credit: Reuters/Amit Dave/Files

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Reuters Market Eye - The rupee inches higher to 53.87/88 versus its Monday's close of 53.91/92, tracking some risk-taking seen in regional markets, but month-end dollar demand from oil firms limits the fall.

Asian shares rise as recent selling draws bargain hunters, but investors are cautious ahead of more U.S. economic reports and a Federal Reserve policy decision later in the week that may offer clues to the Fed's stimulus plans.

Traders are awaiting the RBI's monetary policy decision due at 11 a.m. for further direction. The market sentiment is cautious after the RBI said in its macro-report on Monday that a sustained commitment to contain the fiscal and current account deficits was needed to create room for monetary easing.

(Reporting by Swati Bhat)

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