Rupee Marginally Lower on Last Day of 2012

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December 31, 2012 6:11 PM EST

Rupee continues to trade marginally lower at 54.78/79 versus its previous close of 54.7550/7660 as mild dollar demand from oil refiners at month-end gets offset by dollar sales by exporters.

The pair has been wedged in a narrow 54.75 to 54.81 band so far in the session.

Trading is also dull on the last day of 2012 as most Asian and western European markets are either closed or will be closing early for the day.

Traders to await resolution of the U.S. fiscal cliff for near-term direction while domestically the September quarter current account deficit data due at 5 p.m. will be watched.

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Copyright 2012 Thomson Reuters. All rights reserved.

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