Rupee marginally lower in afternoon
State-run banks seen buying dollars for defence needs
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<a href="http://www.shutterstock.com/pic-49498450/stock-photo-background-created-with-indian-rupee-notes.html" target="_blank">Gold</a> image via Shutterstock
The rupee turned marginally lower as state-run banks were seen buying dollars to likely to meet defence needs, foreign banks took cover ahead of RBI's reference rate setting.
"There was some initial front-running on the mobile auction payment-related inflows that are expected in the next few days. However, subsequently dollar demand rose," says dealer.
The rupee is trading at 62.69/70 versus its close of 62.68/69, after rising to 62.5625 in early session. Technical resistance is seen at 62.70.
The index of the dollar versus six majors currencies was trading down 0.11%.
BSE Sensex is down 0.8%.
"There was some initial front-running on the mobile auction payment-related inflows that are expected in the next few days. However, subsequently dollar demand rose," says dealer.
The rupee is trading at 62.69/70 versus its close of 62.68/69, after rising to 62.5625 in early session. Technical resistance is seen at 62.70.
The index of the dollar versus six majors currencies was trading down 0.11%.
BSE Sensex is down 0.8%.
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First Published: Feb 03 2014 | 12:58 PM IST