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Rupee largely steady after early gains
August 5, 2013 / 4:17 AM / 4 years ago

Rupee largely steady after early gains

Reuters Market Eye - The rupee is seen stuck in a tight range after an early gain, currently trading at 60.80/81 versus its Friday’s close of 61.10/11.

A private money trader counts rupee currency notes at a shop in Mumbai August 1, 2013. REUTERS/Vivek Prakash

Traders say good dollar selling by foreign banks and a large state-run bank hurting the pair demand from importers, particularly oil firms limiting a sharper fall.

U.S. employers slowed their pace of hiring in July to lower than expected although the jobless rate fell, a pair of mixed signals that could make the Federal Reserve more cautious over scaling back its bond-buying programme.

Traders expect the pair to hold in a 60.60 to 61.10 range during the rest of the session.

Reporting by Swati Bhat

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