Rupee higher; dealers cut long dollar bets

Fri Feb 15, 2013 10:27am IST

A shopkeeper counts currency notes inside his shop in Jammu July 14, 2010. REUTERS/Mukesh Gupta/Files

A shopkeeper counts currency notes inside his shop in Jammu July 14, 2010.

Credit: Reuters/Mukesh Gupta/Files

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Reuters Market Eye - The rupee is marginally higher after opening flat on position adjustment, say dealers. Pair at 53.86/87 versus 53.92/93 Thursday's close.

"The market went long yesterday after watching euro. But with USD/INR opening flat, so that has led to some selling," says a foreign bank dealer.

Asian currencies mixed; won advances, while ringgit, Singapore dollar dip.

Euro nursed heavy losses on Friday in the wake of data showing the euro zone slipped deeper into recession late last year, while markets braced for more conflicting comments on currencies as G20 officials meet in Moscow.

The rupee saw short positions build up for the first time this year after preliminary data last week showed the economy likely grew at a meagre 5 percent pace this fiscal year.

(Reporting by Subhadip Sircar)

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