December 10, 2012 / 11:03 AM / in 5 years

MARKET EYE-USD/INR gains on continued demand from oil

* USD/INR now higher at 54.53/54 versus last close at
54.47/48. It has traded in a 54.26-54.5750 range.
* A dealer with a state-run bank says consistent demand from oil
importers pushing INR lower. Thin trading leading to volatility
on small moves.
* The dealer adds some USD selling seen in session in
anticipation of Bharti Infratel IPO, which is typically called
'front-running.'
* Bharti Infratel Ltd, 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 issue is scheduled
between Dec. 11-14.

 (subhadip.sircar@thomsonreuters.com; +91-22-61807201; Reuters
Messaging: subhadip.sircar.thomsonreuters.com@reuters.net)

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