November 5, 2012 / 4:12 AM / 5 years ago

Rupee off lows as corporate dollar demand fades

A worker at a fuel station checks a 500 Indian rupee note after filing a vehicle with fuel in Kolkata February 3, 2011.Rupak De Chowdhuri/Files

Reuters Market Eye - The rupee is off the day's low of 54.18 and trading at 54.05/06 versus its previous close of 53.8050/8150 as dollar demand from a large iron ore miner seen earlier in the session fades.

Traders say there is also good resistance around 54.20 levels, a level from where the pair has bounced back in recent sessions.

Broad gains in the dollar versus major units, however, prevent a further fall in the pair. The dollar hit a two-month high against a basket of major currencies after job reports last week highlighted relatively solid U.S. economic fundamentals.

The Sensex is trading flat, fail to provide any clear direction on foreign fund flows.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below