Rupee Declines on Dollar Demand From Oil Companies

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January 17, 2013 4:57 PM EST

The rupee falls to 54.75/76 versus its previous close of 54.69/70 on the back of dollar demand from oil firms but early gains in the domestic share market help limit the rise.

Traders expect the pair to hold in a 54.65 to 54.95 range initially in the session. The Sensex was trading up 0.1 percent in opening trade but further moves will be watched for cues on foreign fund flows.

Most Asian currencies trading stronger compared to the dollar also limiting further gains in the pair.

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