January 31, 2013 / 4:12 AM / 5 years ago

Rupee falls from 3-1/2 month high

Reuters Market Eye - The rupee is trading at 53.36/37 versus its previous close of 53.30/31, falling sharply from the day’s high of 53.07, which was its strongest since October 18.

People walk past a roadside currency exchange vendor in the old quarters of Delhi May 22, 2012. REUTERS/Adnan Abidi/Files

Traders say gains in the dollar versus most other Asian currencies seen hurting sentiment for the rupee.

Month-end dollar demand from oil firms also adding to the upward pressure on the dollar/rupee.

The BSE Sensex trading down 0.4 percent, boosting the pair further.

Traders, however, expect the upside for the USD/INR to be capped on expectations of more dollar supplies in the near-term as the government looks to dilute its stake in some state-run firms in early February.

Reporting by Swati Bhat

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