Rupee Weaker on Dollar Demand from Oil Firms

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December 26, 2013 7:22 PM EST

The rupee is trading weaker at 61.97/98 versus its close of 61.79/80 on Tuesday, with dollar demand from oil firms hurting.

Traders expect exporters to step up dollar selling around 62-62.05 levels, limiting very sharp gains from current levels.

The Thai baht hit a near four-year low on Thursday, pressured by political uncertainty, while most emerging Asian currencies eased in holiday-thinned trading on expectations that a solid U.S. economic recovery would allow the Federal Reserve to gradually withdraw its stimulus. The Sensex trading up 0.2 percent while the broader Nifty is up 0.24 percent.

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