Indian rupee edges lower; state-run banks seek dollars
February 3, 2014 10:28 am
The Rupee turned minimally lower as state-run banks were seen purchasing dollar in order to meet defence needs, foreign banks shield prior to Reserve Bank of India’s (RBI) reference rate setting.
“There was some initial front-running on the mobile auction payment-related inflows that are expected in the next few days. However, subsequently dollar demand rose,” says a dealer. The rupee-dollar pair was dealing at 62.69/70 against its close of 62.68/69, following a change to 62.5625 in early trading session. The technical resistance set at 62.70. BSE Sensex down by 0.8%.
The material has been provided by InstaForex Company – www.instaforex.com
The Rupee turned minimally lower as state-run banks were seen purchasing dollar in order to meet defence needs, foreign banks shield prior to Reserve Bank of India’s (RBI) reference rate setting.
“There was some initial front-running on the mobile auction payment-related inflows that are expected in the next few days. However, subsequently dollar demand rose,” says a dealer. The rupee-dollar pair was dealing at 62.69/70 against its close of 62.68/69, following a change to 62.5625 in early trading session. The technical resistance set at 62.70. BSE Sensex down by 0.8%.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: