* Rupee ends at 54.49/50 per dollar vs 54.47/48 on Friday
* Dealers position for inflows from Bharti Infratel share
* USD demand from oil, gold importers keeps INR gains in
By Subhadip Sircar
MUMBAI, Dec 10 The Indian rupee fell marginally
on Monday on continued dollar demand from oil importers, but the
losses were capped by expectations of inflows from a spate of
Bharti Infratel, the telecommunications tower unit of top
Indian phone carrier Bharti Airtel Ltd, is set to
raise up to $825 million in what would be the country's biggest
initial share offering in two years.
The share sale will begin on Tuesday and close on Friday.
This is likely to be followed by a stake sale by the
government in NMDC Ltd. The government expects to
raise roughly $1.2 billion by selling a stake in the state-run
The government has also raised the limit in government and
corporate bonds for foreigners by $5 billion each, resulting in
more inflows once the limits are auctioned.
"I expect about $500 million of inflows between the two
IPOs. However, there is continuous dollar demand from oil and
gold importers which is not letting the rupee appreciate," said
Param Sarma, chief executive at NSP Forex.
The partially convertible rupee closed at 54.49/50
per dollar, weaker than its close of 54.47/48 on Friday.
Globally, the rupee's gains were capped as the euro flirted
with two-week lows against the dollar on Monday after Italian
Prime Minister Mario Monti offered to resign, raising political
uncertainty over who will lead the euro zone's third-biggest
economy out of the debt crisis.
The rupee faces resistance at 54.07, its 200-day moving
average, charts showed.
In the offshore non-deliverable forwards, the
one-month contract was at 54.71, while the three-month was at
In the currency futures market, the most-traded
near-month dollar/rupee contracts on the National Stock
Exchange, the MCX-SX and the United Stock Exchange all closed at
around 54.69, with total traded volume of $4.5 billion.
(Editing by Jijo Jacob)