Rupee Down as Oil Companies Buy Dollars
December 3, 2012 3:27 PM EST
The rupee edges down to 54.36/37 versus its previous close of 54.26/27 as oil firms buy the greenback. Oil companies are the largest buyers of dollars in the domestic currency market.
Some traders also cite possible arbitrage gap between the offshore non-deliverable forwards market and the onshore forwards in opening trade, leading to a rise in the onshore rates, but the view was not universal.
Domestic shares trading largely flat in opening trade.
Euro rises to six-week highs against the dollar after upbeat Chinese manufacturing data helps trigger stop-loss buying of the common currency.