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BW Businessworld

Rupee Weaker On Likely Dollar Demand From Oil Companies

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The rupee fell to 58.68/69 versus its previous close of 58.59/60, en route to snapping a four-session winning streak, as a large state-owned bank was said to be buying dollars to meet demand for oil companies.

Slight falls in local shares also led to the rupee's fall.

Traders will continue to monitor flows into local shares and debt, as these would be crucial for the rupee's direction. They see a range of 58.40 to 58.90 for the rupee in the day.

(Reuters)


Tags assigned to this article:
rbi news 4 rupee traders oil companies