November 15, 2012 / 5:24 AM / 5 years ago

Rupee edges up on day; foreign banks sell dollars

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

Reuters Market Eye - The rupee rose to 54.78/79 versus its previous close of 54.88/89, and well off a session low at 55.08, as foreign banks continue to sell dollars.

Traders attribute the flows to bunched-up dollar demand as domestic markets were closed for local holidays on Tuesday and Wednesday.

A slight recovery in the euro, after hitting its lowest against the dollar in two months on Tuesday, also pressured the USD/INR cross.

Dollar demand from oil importers, however, is limiting more downside in the pair, dealers say.

The Sensex fell 0.79 percent, marking a two-week closing low after falling for five consecutive sessions.

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