Rupee Down as Oil Companies Buy Dollars

  • Rate this Story
  • 0
  • 0

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.

  • Rate this Story
  • 0
  • 0
Copyright 2012 Thomson Reuters. All rights reserved.

Join the Conversation

IBTimes TV
E-Newsletters

We value your privacy. Your email address will not be shared.